The funding will be used to establish the Shandong Green Development Fund, which will accelerate funds for sustainable infrastructure and technologies projects.
Shandong Green Development Fund will act as the financial arm of the provincial government in supporting projects aimed at reducing greenhouse gas emissions.
In addition to the GCF’s funding, Shandong province will receive additional funds from Germany’s KfW and France’s Agence Française de Développement.
Shandong province has a population of just under 100 million and is the second-most populous province in the country.
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Ms Amy Leung, director of ADB in East Asia, said: “Many parts of the PRC and other Asian countries face similar challenges to Shandong. We are confident that this project will have a strong demonstration value on how Asian economies can shift to a low-carbon and sustainable growth trajectory.
“The fund will pilot new ways to attract private sector funding and know-how that can be replicated elsewhere.”
Based in Songdo, Republic of Korea, GCF is a global fund created to support the efforts of developing countries to respond to the challenge of climate change. It was established in 2010 by 194 governments to limit or reduce greenhouse gas emissions in developing countries and catalyze a flow of climate finance to invest in low-emission and climate-resilient development.