China’s new green development fund raises $12 billion in phase 1

China’s new green development fund raises $12 billion in phase 1

China said Tuesday that its first dedicated environmental fund, which will invest in green projects and firms, has already raised 88 billion yuan ($12.59 billion) in its first phase. The fund, called The National Green Development Fund, was launched on July 15, and is aimed to support the ’green transformation’ of the Chinese economy and strengthen the role of the market in fighting pollution’.

Timothy
Timothy
Globe
Globe 1 weeks

A big source of pollution in China is the fact that smokestack scrubbers, installed on nearly every factory, are turned off to save the cost of operation. China could spend the first $1.95 of that fund to pay for phone calls to factory managers and tell them the rules will be enforced.

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