Public Disclosure Authorized Public Disclosure Copy EAST ASIA AND PACIFIC China Energy & Extractives Global Practice IBRD/IDA Financial Intermediary Loan FY 2008 Seq No: 11 ARCHIVED on 16-Dec-2015 ISR21909 Implementing Agencies: National Energy Conservation Center Public Disclosure Authorized Key Dates Key Project Dates Bank Approval Date:27-May-2008 Planned Mid Term Review Date:30-Mar-2012 Original Closing Date:31-Dec-2013 Project Development Objectives Effectiveness Date:07-Oct-2008 Actual Mid-Term Review Date:27-Mar-2012 Revised Closing Date:31-Dec-2016 Public Disclosure Authorized Project Development Objective (from Project Appraisal Document) Improve energy efficiency of selected medium and large-sized industrial enterprises in China. Has the Project Development Objective been changed since Board Approval of the Project Objective? No China Energy Efficiency Financing (P098916) Global Environmental Objective (from Project Appraisal Document) Reduce adverse environmental impact of Chinese medium and large-sized industrial enterprises on climate. Public Disclosure Authorized Has the Global Environmental Objective been changed since Board Approval of the Project Objective? No Components Name Promotion of EE Financing:(Cost $9.90 M) EC Investment Lending:(Cost $200.00 M) National Policy Support and Capacity Building:(Cost $2.80 M) Project Implementation Support and Reporting:(Cost $0.80 M) Page 1 of 10
Public Disclosure Copy Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Low Low Implementation Status and Key Decisions Overall, the implementation of CHEEF I and AF is on track, with 96% disbursement and PDO indicators of energy savings and CO2 emission reductions exceeding the end-of-project targets. In total, the project has disbursed $287M IBRD funds (with $274M actual disbursement and $13M advance payment), which leveraged $1,028 million counterpart funds ($403 million from EXIM and Huaxia Bank, and $625 million from industrial enterprises), leading to a total of more than $1.3 billion EE investments. These sub-projects are expected to result in about 2.77 million tons of coal equivalent energy savings and 6.71 million tons of CO2 emission reductions. EE lending to ESCOs have exceeded the $60 million end-of-project target. The project continues to demonstrate sustainability and mainstreaming impacts on the participating banks. Both EXIM and Huaxia Bank have significantly increased its overall capacity and confidence in financing EE investments and their commitment in mainstreaming EE lending as one of their main business lines. EXIM Bank has transformed from having no EE business line with their own funding at the beginning of the project to adding EE lending as a major business line with their own funding given the interests and experience gained from the CHEEF project. Hua Xia Bank is now in the process to set up a dedicated Green Finance Center to scale up green lending business. In addition, the project has played an important role in supporting the implementation of EE programs for the 12th Five-Year Plan and now the development of the 13th Five-Year Plan (13th FYP) through policy support and capacity building activities. 1. Page 2 of 10
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Public Disclosure Copy Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Low Low Macroeconomic -- Low Low Sector Strategies and Policies -- Low Low Technical Design of Project or Program -- Low Low Institutional Capacity for Implementation and Sustainability -- Moderate Moderate Fiduciary -- Moderate Moderate Environment and Social -- Low Low Stakeholders -- Low Low Other -- -- -- Overall -- Low Low Results Project Development Objective Indicators Page 4 of 10
Public Disclosure Copy PHINDPDOTBL Cumulative amount of incremental EC investments supported by the project (US$ million) (Text, Custom) Value 0 1085 1322 1328 99% achieved PHINDPDOTBL Associated annual energy savings capacity (million tons of coal equivalent) (Text, Custom) Value 0 2.3 2.77 2.66 Exceeding end target. PHINDPDOTBL CO2 emission reductions (million tons of CO2) (Tones/year, Custom) Value 0.00 5.50 6.71 6.49 Date 31-Oct-2008 05-Jun-2015 07-Dec-2015 31-Dec-2016 Exceeding end target PHINDPDOTBL Cumulative amount of EE lending to ESCOs and building projects (million US dollars) (Amount(USD), Custom) Value 0.00 90.00 75.00 60.00 Date 31-Oct-2008 05-Jun-2015 21-Oct-2015 31-Dec-2016 Page 5 of 10
PHINDGEOTBL Public Disclosure Copy actual disbursement $75million (IBRD $28mn, EXIM$47mn) PHINDPDOTBL Direct project beneficiaries (Number, Core) Value 0.00 40.00 50.00 50.00 Date 31-Oct-2008 05-Jun-2015 21-Oct-2015 31-Dec-2016 Overall Note: Project beneficiaries refer to IBRD loan sub-borrowers (No. of enterprises) and GEF grant beneficiaries (e.g. EMCA, industrial associations, CBRC). Global Environmental Objective Indicators Associated CO2 emissions reduction capacity (million tons of CO2) (Text, Custom) Value 0 5.5 6.71 6.49 Exceeding end target Overall Intermediate Results Indicators Page 6 of 10
Public Disclosure Copy Component A: Promotion of EE Financing - EE investment monitoring and evaluation procedures developed (Text, Custom) Value n/a Final draft Final draft Final draft Date 31-Oct-2008 05-Jun-2015 21-Oct-2015 30-Dec-2016 Established during project implementation Component A: Promotion of EE Financing - EE financing demand of projects in the project pipeline (million US$) (Text, Custom) Value 0 139 150 150 Date 28-May-2008 05-Jun-2015 21-Oct-2015 30-Dec-2016 Component B: EC Investment Lending - Cumulative amount of EE lending of PFIs (million US$) (Text, Custom) Value 0 558 697 700 99% achieved Component B: EC Investment Lending - Annual energy consumption avoided from the EE lending of participating banks (million tons of coal equivalent) (Text, Custom) Value 0 2.3 2.77 2.17 Exceeding end target Page 7 of 10
Public Disclosure Copy Component B: EC Investment Lending - Annual avoided CO2 emissions from EE lending of PFIs (million tons of CO2) (Text, Custom) Value 0 5.5 6.71 5.28 Component C: National Policy Support and Capacity Building - Establishment and functional operation of NECC (Text, Custom) Value n/a NECC formed and staffed NECC formed and staffed NECC formed and staffed Date 28-May-2008 30-Sep-2012 30-Sep-2012 31-Dec-2012 Component C: National Policy Support and Capacity Building - NECC business plan and initial work program developed (Text, Custom) Value n/a Completed in 2010 Completed in 2010 Final Date 28-May-2008 31-May-2010 31-May-2010 31-May-2010 Page 8 of 10
Public Disclosure Copy Component C: National Policy Support and Capacity Building -Mid-term review of 11th FYP programs conducted and recommendations made. Necessary actions taken to enhance results (Text, Custom) Value 0.0 Support to 12th FYP ongoing Support to 12th FYP ongoing 12th FYP implementation supported Date 28-May-2008 05-Jun-2015 07-Dec-2015 31-Dec-2016 Component B: EC investment lending: Cumulative amount of EE lending to ESCOs and building projects. (Amount(USD), Custom) Value 0.00 90.00 90.00 60.00 Date 31-Oct-2008 05-Jun-2015 21-Oct-2015 31-Dec-2016 actual disbursement $75million (IBRD $28mn, EXIM$47mn) Overall Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P084874 IBRD-75290 Effective USD 100.00 100.00 0.00 100.00 0.00 100% P084874 IBRD-75300 Effective USD 100.00 100.00 0.00 100.00 0.00 100% P084874 IBRD-80920 Effective USD 100.00 100.00 0.00 86.68 13.32 87% P098916 TF-90719 Effective USD 13.50 13.50 0.00 8.15 5.35 60% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P084874 IBRD-75290 Effective 27-May-2008 11-Jul-2008 07-Oct-2008 31-Dec-2013 31-Dec-2016 P084874 IBRD-75300 Effective 27-May-2008 11-Jul-2008 07-Oct-2008 31-Dec-2013 31-Dec-2016 P084874 IBRD-80920 Effective 27-Oct-2011 10-Jan-2012 06-Apr-2012 31-Dec-2016 31-Dec-2016 Page 9 of 10
Public Disclosure Copy P098916 TF-90719 Effective 11-Jul-2008 11-Jul-2008 11-Jul-2008 31-Dec-2013 31-Dec-2016 Cumulative Disbursements Restructuring History Level Approved on 12-Mar-2013 Related Project(s) P098916-China Energy Efficiency Financing,P123239-China Energy Efficiency Financing III Page 10 of 10