18
B. Baruah and R. Nath
emissions by 1300 tons per year. The project will meet the desire need of saving gas
consumption by 23,000 tons per year and coal consumption by about 32,000 tons
per year (New Development Bank 2019).
Putian Pinghai Bay Offshore Wind Power Project is the second major initiative
of the Government of China to increase offshore wind power capacity and provides
sufficient electricity supply to Fujian and to stimulate the development of offshore
wind energy with technological advances. Its focus aligns with NDB to offer financial
support to projects aiming at developing renewable energy sources. The NDB will
also provide financial support to the cost incurred for the procurement of equipment
and other civil works. The project has been estimated to provide an effective electricity generation of 3490 h per year. Apart from providing electricity of 873 million
kWh per year to meet the increasing demand for power consumption in Fujian, the
capacity would also have a total targeted capacity of 700 MW offshore wind power
(New Development Bank 2019). The increasing demand for offshore wind power
would help China to sustain a greener and healthier environment and thus reducing
carbon emissions with a target of avoiding 869,900 tons of carbon emissions per
year. Meanwhile, the project also estimates the elimination of harmful components
of emissions such as 26,175 tons of SO 2 , 13,090 tons of NOx, and 237,300 tons
of flue gas. It would also avoid the consumption of coal by 314,100 tons. With a
vision to create employment opportunities and help the local economy to grow, a
new industrial cluster has been initiated keeping in mind the socio-economic aspects
of the society.
The third project, the Jiangxi Industrial Low Carbon Restructuring and Green
Development Pilot Project aims at upgrading the traditional industries to achieve
energy conservation and reduce emissions. Financial assistance would be provided
to the Project by NDB through a Project Financing Facility (PFF) loan of up to
USD 200 million. The Project comprises lengthy sub-projects, which as a whole will
promote conservation of energy, regeneration of waste and emission of pollutants
will be reduced. It will also promote the reutilization of industrial water in the Jiangxi
Province.
The approved subprojects will acknowledge the contribution to an energy saving
level of 95,118 tons of coal equivalents per annum and a carbon emission reduction
of 263,476 tons per annum on an aggregate level, through increased recycling ratios,
upgraded factory machinery, increased utilization of heat waste and improved energy
conservation.
2.4 BRICS: Role of Russia
Russia’s advancement amongst other BRICS nations is slightly above par as it has
already met the expectations defined in its annual forum. The goal was to reduce
emissions over 1990 levels by 25–30%, and Russia’s emissions are around 40%
lower than 1990 levels currently. However, by the end of 2020, the country is planning a production hike of 4.5% in the amount of renewable energy. The progress is
B. Baruah and R. Nath
emissions by 1300 tons per year. The project will meet the desire need of saving gas
consumption by 23,000 tons per year and coal consumption by about 32,000 tons
per year (New Development Bank 2019).
Putian Pinghai Bay Offshore Wind Power Project is the second major initiative
of the Government of China to increase offshore wind power capacity and provides
sufficient electricity supply to Fujian and to stimulate the development of offshore
wind energy with technological advances. Its focus aligns with NDB to offer financial
support to projects aiming at developing renewable energy sources. The NDB will
also provide financial support to the cost incurred for the procurement of equipment
and other civil works. The project has been estimated to provide an effective electricity generation of 3490 h per year. Apart from providing electricity of 873 million
kWh per year to meet the increasing demand for power consumption in Fujian, the
capacity would also have a total targeted capacity of 700 MW offshore wind power
(New Development Bank 2019). The increasing demand for offshore wind power
would help China to sustain a greener and healthier environment and thus reducing
carbon emissions with a target of avoiding 869,900 tons of carbon emissions per
year. Meanwhile, the project also estimates the elimination of harmful components
of emissions such as 26,175 tons of SO 2 , 13,090 tons of NOx, and 237,300 tons
of flue gas. It would also avoid the consumption of coal by 314,100 tons. With a
vision to create employment opportunities and help the local economy to grow, a
new industrial cluster has been initiated keeping in mind the socio-economic aspects
of the society.
The third project, the Jiangxi Industrial Low Carbon Restructuring and Green
Development Pilot Project aims at upgrading the traditional industries to achieve
energy conservation and reduce emissions. Financial assistance would be provided
to the Project by NDB through a Project Financing Facility (PFF) loan of up to
USD 200 million. The Project comprises lengthy sub-projects, which as a whole will
promote conservation of energy, regeneration of waste and emission of pollutants
will be reduced. It will also promote the reutilization of industrial water in the Jiangxi
Province.
The approved subprojects will acknowledge the contribution to an energy saving
level of 95,118 tons of coal equivalents per annum and a carbon emission reduction
of 263,476 tons per annum on an aggregate level, through increased recycling ratios,
upgraded factory machinery, increased utilization of heat waste and improved energy
conservation.
2.4 BRICS: Role of Russia
Russia’s advancement amongst other BRICS nations is slightly above par as it has
already met the expectations defined in its annual forum. The goal was to reduce
emissions over 1990 levels by 25–30%, and Russia’s emissions are around 40%
lower than 1990 levels currently. However, by the end of 2020, the country is planning a production hike of 4.5% in the amount of renewable energy. The progress is