According to recent reports, the Industrial and Commercial Bank of China (ICBC) and China Construction Bank have classified Combined Heat and Power (CHP) projects under the "high-risk industry" category in internal documents issued by their headquarters. The policy explicitly states that CHP systems with a standalone capacity of 135,000 kilowatts or less should be phased out, and existing loans must be gradually recovered. This decision has triggered a significant crisis for cogeneration projects in the chemical industry, which heavily rely on such systems.
The chemical industry is one of the most energy-intensive sectors, and many companies have invested in small and medium-sized cogeneration plants to ensure a stable power supply and winter heating for employees. These facilities have proven essential, especially during past power shortages when they prevented production halts. Moreover, chemical companies are often located far from urban centers, where public heating networks are not viable. In addition to the electricity required for production, these companies also need large amounts of low-pressure steam and hot water for employee housing heating. Cogeneration meets all these needs efficiently and reliably.
Ensuring the winter heating of employees' homes is not only an operational necessity but also a key aspect of the government's "people-oriented" approach. It reflects a commitment to maintaining the quality of life for workers, which should not be overlooked.
Furthermore, CHP is widely recognized as an efficient and environmentally friendly way to utilize energy. By making full use of low-grade thermal energy, it significantly reduces emissions and improves overall energy efficiency. For example, most chemical cogeneration systems achieve energy efficiency rates above 45%, compared to just 35% for conventional coal-fired power plants. The Chinese Energy Conservation Law explicitly supports cogeneration, and it is included in the country’s ten key energy-saving demonstration projects. The State Council has also emphasized CHP as one of seven priority initiatives in its 2005 conservation plan.
Given this context, it is concerning that major banks are taking actions that contradict national energy policies. While banks may assess risks based on their own criteria, the principle of "energy saving first, efficiency first" strongly supports the development of cogeneration projects. Moving forward, chemical companies should be encouraged to seek funding through multiple channels, and the government should establish dedicated funds to support these important initiatives.
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