China needs Rmb2tn ($320bn) a year in investment over the next five years to meet targets on reducing pollution set by the ministry of the environment, according to the country’s central bank in a report on “green” finance.
The report, issued Wednesday, estimated that China’s budget covered only 15 per cent of the required investment, and called for carbon trading as well as financing tools such as loans, bonds and special funds for green projects.
Ma Jun, former Deutsche Bank economist who is now chief research economist for the People’s Bank of China and author of the report, wrote: “It is crucial that the financial system play the role of channelling and incentivising private capital into the green sectors.”
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