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December 29, 2009

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Fund to promote green investment

CHINA'S first fund for the environmental industry was launched yesterday in Beijing, aiming to promote investment in the country's environment-related sectors.

The Environment Industry Fund, run by China General Technology Investment Fund Management Corp, is expected to raise 2 billion yuan (US$292.8 million) in the first stage.

The company will also set up a parallel US$300-million overseas fund.

The fund will finish raising money by the second quarter of 2010 and the money will be invested in the water, solid waste disposal, renewable energy, energy conservation and emission cut sectors, said Liu Debing, the firm's chairman.

The fund came after China pledged to reduce carbon dioxide emission per unit of gross domestic product by 40 percent to 45 percent by 2020 against the 2005 level.

Premier Wen Jiabao told Xinhua news agency on Sunday that the government would gear more investment to energy conservation and emission cut sectors in 2010.


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