Carrier Establishes Strategic Alliance with the Bank of Beijing to Promote Energy Savings in China

Sep 4, 2009

FARMINGTON, Conn., United States

Carrier Asia Limited has signed a Memorandum of Understanding (MOU) with the Bank of Beijing, establishing a strategic alliance to promote energy efficiency improvements and the reduction of greenhouse gas emissions in China’s buildings. Under the agreement, Carrier will offer sustainable high performance building solutions, while the Bank of Beijing will support building owners with financing consulting and services for energy savings. Carrier Corp. is a unit of United Technologies Corp. (NYSE:UTX).

“Carrier is dedicated to providing energy efficient and sustainable building solutions globally,” commented Ross Shuster, president, Carrier Asia. “Through this cooperation with the Bank of Beijing, we will be offering owners of existing buildings financially and socially compelling justification to improve the energy efficiency of their properties.”

Carrier has an expansive range of energy efficiency offerings, including energy retrofits, energy audit and consulting services, retro-commissioning, and measurement and verification services, along with heating, ventilation and air conditioning equipment.

Through this MOU, over the next two years, Carrier will provide comprehensive energy auditing and implementation solutions and will cooperate with the Bank of Beijing, who will offer its broad financing services to building owners.

Since its establishment over 13 years ago, the Bank of Beijing has been a leader in the China market. The bank has focused on environmental stewardship by promoting the China Utility-Based Energy Efficiency Finance Program (CHUEE). In 2007, the Bank of Beijing, in cooperation with International Finance Corporation(IFC) joined the CHUEE program to actively support the expansion of energy savings and emissions reduction in China, as well as the development of energy-saving enterprises.

As a member of the World Bank, IFC initiated the CHUEE program to support marketing, development and equipment financing services for energy efficiency projects in the commercial, industrial, institutional and multi-family residential sectors of China. The program is dedicated to bringing together financial institutions, utility companies, and suppliers of energy efficient equipment and solutions to create a new financing model promoting energy savings.

“As a leading commercial bank in China, the Bank of Beijing has been looking forward to diversifying our financial services under the current challenging market environment,” said Yan Bingzhu, chairman of the Bank of Beijing. “We are very pleased to have a competitive partner like Carrier to make full use of our resources, technologies and services, to contribute to the development of China’s green cause.”

Buildings use about 40 percent of the world's energy globally. China, as the world’s second largest energy consumer, has taken the initiative to accelerate energy savings and emissions reduction in buildings.

“In implementing energy retrofits for existing buildings, the financials of the project are always a consideration for project owners,” commented Ronnie Zheng, director, Energy and Sustainability, Carrier Asia. “Carrier’s collaboration with the Bank of Beijing will provide building owners with effective and convenient sustainable solutions.”

The MOU signing ceremony was attended by Lars H. Thunell, Executive Vice President and CEO of IFC. “We very much welcome the leadership of both Carrier and the Bank of Beijing in this area. IFC, together with its partners, continues to focus on supporting innovative energy saving projects in China that benefit people, business, and the environment,” Thunell said.

About Carrier Corp.
Carrier Corp., headquartered in Farmington, Conn., is the world’s largest provider of heating, air-conditioning and refrigeration solutions, with operations in more than 170 countries. Carrier is part of United Technologies Corp., a Hartford, Connecticut-based provider of products and services to the aerospace and building systems industries worldwide.

Media Contact Theresa Fox 860-674-3024
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