Watchdog seeks to attract financing for climate sector

He said his ministry is researching a guideline document on climate investment and finance with other related government bodies. It also plans to unveil more effective incentive policies and create a favorable policy environment to facilitate social and foreign capital to invest in the climate investment and finance sector.

The ministry will also join hands with other related government bodies to promote "cooperation of financial institutions with local government and industrial sectors to intensify support for key projects", he said.

Moreover, Li vowed to accelerate the process of launching regional pilot programs on climate investment and finance to help local governments beef up their fundraising capability and broadening their financing channels. Meanwhile, the ministry will proactively pilot and promote climate bonds to attract investment into the climate sector.

Xie Zhenhua, China's special representative for climate change affairs, said he expects the association to work as a major platform that helps tap the huge potential of climate investment and finance.

Despite China promoting work related to climate investment and finance for years, the country lacked a professional institute that could offer technical support for institutes involved and work as a platform for information exchange, he said.

"I hope the association ... serves as a bridge and platform that helps integrate the sector tackling climate change and the financial industry, and enhance climate action in a synergistic manner," he said.