⁍ China’s first dedicated environmental fund has raised $12.59 billion in its first phase.
⁍ The National Green Development Fund will mainly be used to invest in national strategic programmes.
⁍ China has been trying to diversify its funding sources for its environmental programme.
– China’s first dedicated environmental fund has raised more than $13 billion and will invest in green projects across the country. The National Green Development Fund was officially launched in July and will mainly invest in national strategic programs such as the green development of the Yangtze River region, an official at the country’s Ministry of Ecology and Environment tells Reuters. China has been trying to diversify its funding sources for its environmental program, but it has struggled to devise new financing mechanisms to help pay the massive costs of cleaning up polluted soil and water. Over the 2016-2020 period, the central government allocated 78.3 billion yuan to combat water pollution, 97.4 billion yuan on air pollution, and 28.5 billion yuan to tackle environmental problems in rural regions, Zou Shoumin says. “We hope the central government could continue to invest in these areas during the fourteenth five-year plan (2021-2025), especially anti-air pollution, as we will coordinate the treatment of ozone pollution and PM2.5 at the same time,” he says.
Source: https://www.reuters.com/article/us-china-environment/chinas-new-green-development-fund-raises-12-billion-in-phase-1-idUSKCN24T0E0