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Back You are here: Home Politics Funding & Incentives E.U. signs agreement to fund China’s low-carbon efforts, carbon market

Funding & Incentives

E.U. signs agreement to fund China’s low-carbon efforts, carbon market

The European Commission and the Ministry of Commerce in China signed a financing agreement promoting the environment and the transition toward a low-carbon economy and a reduction of greenhouse gas emissions in China.

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The E.U. will be providing technical assistance and training and fostering exchanges of experience, best practices and know-how in areas like the low-carbon economy and the green economy to China.

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“[The agreement] is a concrete example of how we can work in partnership to tackle global and shared challenges,” said E.U. Development Commissioner Andris Piebalgs. “The E.U. has a solid experience in the fight against climate change and the path towards a green economy that we're happy to share.”

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Three projects will have a combined funding amounting to 25 million euros ($33 million) and will focus on areas like water, waste and heavy metal pollution, emission trading system, and sustainable urbanization. It is spread over a period of four years.

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The projects aim to design and implement successful emissions trading pilot programs, set up an ICT-based knowledge platform of knowledge and information on sustainable urbanization, and encourage Chinese authorities in their efforts to achieve environmental sustainability by reducing water and heavy metal pollution and implementing sustainable waste treatment policies.

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“The agreement is an important step for an ever closer cooperation towards a robust international carbon market,” said E.U. Climate Action Commissioner Connie Hedegaard.

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“Our joint commitment to carbon markets shows the potential and benefits of smart climate policies. This is a huge opportunity to modernize our economies, stimulate growth and create jobs in new dynamic industries with innovative technologies and clean energy." – EcoSeed Staff

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