News and PR

Environmental News - China recalls bank loans from twelve big polluters


China has rejected or suspended large bank loans to twelve polluting companies, according to a leading China daily newspaper. The move is part of a crackdown on environmental damage arising from the country's rapid industrial growth. It also marks an effort to offset negative publicity in the West.

In 2005 China suspended 30 large projects that  failed to meet environmental standards. Under an environmental law passed in late 2003, such projects must have environmental impact statements in place, and efforts must be made to limit any fallout.

China stepped up law enforcement in the environment sector in the wake of the major Songhua River pollution in November last year, which affected water supplies to millions of people in China and neighboring Russia. Moreover, Government officials found to have had a part in incidents that cause environmental damage can be held accountable and punished.

The purpose of the latest move "is to force enterprises to pay the price for environmental violations," the newspaper quoted an SEPA (State Environmental Protection Administration) official as saying.

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