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UN partners with Alibaba for green finance

UNITED Nations Environment Program today has signed a memorandum of understanding with Alibaba's financial affiliate Ant Financial Services Group to promote green finance and promote environmental protection initiatives.

The partnership would promote green finance in a digital way through Alipay's vast user base in China.

Through the help and coordination of UNEP, it would also seek to form an alliance with leading fintech companies to promote green finance.

The UNEP would also share environmental best practices as well as environmental protection know-how from other nations as well as promote global level coalitions to push for green finance.

Last month, Alipay launched a carbon account that allows individual consumers to track how their daily activities could help to reduce emission and promote environmental protection.

Erik Solheim, executive director of the UNEP, said that the agency would seek more partnership and stay closer with businesses and to better leverage their innovation and technology capabilities.

The partnership comes just after China's State Council's approval earlier this month of a set of guidelines as an essential next step for implementing the country's strategy for "ecological civilization"

China's central bank said in a statement that "The Guidelines stress that the primary purpose of establishing the green financial system is to mobilize and incentivize more social (or private) capital to invest in green sectors, while restricting investment in polluting sectors."


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