UK on-board with China's green infrastructure projects

The United Kingdom is looking to engage in China's efforts to improve environmental pollution and participate in financing the country's green infrastructure projects.

In an attempt to raise the bank's profile in the Chinese market the UK Green Investment Bank, created in 2012 by the British government with an initial capitalization of ￡3.8 billion ($5.77 billion), launched its Chinese version of the Green Investment Handbook in Beijing.

The 100-page handbook includes guidelines and templates on due diligence and investment risk assessments used by the bank on a daily basis to monitor and report the green impact of its investments.

The Chinese version of the handbook is also one of the policy outcomes for the UK-China 7th Economic and Financial Dialogue.

Gavin Templeton, head of sustainable finance at the GIB said at a recent forum in Beijing that the handbook aims to improve the standardization of green impact assessment for investors seeking opportunities in green projects.

Jiao Xiaoping, deputy director general of the China Clean Development Mechanism Fund affiliated with the Ministry of Finance said the Chinese financial institutions are willing to cooperate with the British bank to promote low-carbon development in China.

It's estimated by Chinese economists that the country will need at least 2 trillion yuan ($310 billion) annually to address the environmental pollution. Therefore, the government has been touting both domestic and foreign capital to support the country's green infrastructure projects.