China finding new ways to raise funds to deal with climate change

China finding new ways to raise funds to deal with climate change

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An official at China’s top economic planner stated on April 1, 2014 that it is likely that the country will be selling its debt and finding new ways to raise funds in order to deal with climate change. During a three-day climate conference, the official from the National Development and Reform Commission said that the country is exploring, as well as tapping bond markets.

Abandoned Field in Guangdong Province

The official went on to say that it is sponsored by the United Nations Foundation and that resolving problems related to the change in climate will be treated as one of the top priorities of the government in 2014. More innovative methods are being considered in order to create a financial market for climate change.

The Finance Ministry and the NDRC are in talks to generate income for a special fund. China is considered to be the biggest emitter of greenhouse gases in the world. Experts say that China is ahead of many nations when it comes to promoting a market-based system to reduce pollution. For instance, the government is examining the urbanization program.

On April 1, 2014, China launched a carbon-trading market which is located in the central Hubei province. The goal is to have a watchful eye on carbon dioxide emissions from almost 140 of the biggest companies. Those allowances which are unused will be sold as companies which exceed pollution limits have to buy extra permits.

Photo Credits: Greenpeace