ADB, China Everbright Environment to promote public-private investments in Asia ocean health
SINGAPORE, NNA - The Asian Development Bank (ADB) and China Everbright Environment Group Ltd. (CEEGL) have inked a memorandum of understanding to collaborate on efforts to grow the circular economy and protect ocean health in Asia.
The partners will jointly promote the development of enhanced solid waste management systems in Asia to encourage public-private partnerships in waste collection, transportation and recycling.
They hope their efforts will reduce land-based sources of marine debris and their impact on marine life, coastal livelihoods, and human health, said their press statement.
Christopher Thieme, deputy director general of ADB private sector operations, said, “The ocean ecosystem faces severe threats from pollution and climate change, demanding urgent and sustainable solutions. By leveraging ADB and CEEGL’s complementary expertise and resources, our partnership will spur advocacy for the circular economy and healthy oceans and disseminate crucial knowledge needed to develop blue economies.”
Wang Tianyi, executive director and board chairman of China Everbright Environment, sees the partnership in promoting the circular economy as an opportunity to improve the company’s strategic vision for business development.
He added, “Meanwhile, the company will take the reduction of pollution and carbon intensity in the ocean as a starting point to better support the People’s Republic of China’s pledge to achieve carbon emissions peak and carbon neutrality.”
Focusing on raising awareness on the critical role of solid waste management to ensure ocean health, their cooperation will also see them documenting a case study of marine debris reduction through relevant projects.
ADB and Everbright Environment will also collaborate to enhance project preparation templates to promote public-private partnerships in solid waste management in ADB’s developing member countries.
Everbright Environment has become the largest environmental protection enterprise in China and a leading player in Asia’s environmental protection industry.
Listed on the stock exchange of Hong Kong, Everbright Environment is an integrated environmental solution provider with a business presence across more than 200 locations in China. It also operates in overseas markets such as Vietnam, Germany and Poland.
The company has two listed subsidiaries. China Everbright Greentech Ltd. is listed in Hong Kong, while China Everbright Water Ltd. is traded on Singapore and Hong Kong exchanges.
Everbright Environment has been constituent members of Dow Jones sustainability indices, Hang Seng corporate sustainability index and FTSE4Good Index, which is a series of ethical investment stock market indices.
As of end-2020, the company had secured 458 environmental protection projects worth a total investment value of $21.9 billion (140.386 billion yuan). They include161 waste-to-energy projects.
In 2020, its revenue jumped 14 percent to $5.3 billion, driven by environmental energy, greentech and environmental water businesses.
In the face of fierce competition last year, the company focused on the quality development of its waste-to-energy business and other businesses for market expansion. It is proactively expanding new business areas such as waste sorting, resource recycling and energy-saving lighting.
The company is the main pillar of China's state-owned Everbright Group established in Hong Kong in 1983. The group aims to be a world-class financial holdings company within the next 10 years, said chairman Li Xiaopeng.
In 2019, ADB launched an action plan to expand financial and technical assistance for ocean health and marine economy projects. Established in 1966, the bank is owned by 68 members, with 49 from Asia Pacific and Japan as one of its largest shareholders.