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BEIJING - An international research project was launched on Thursday in Beijing to explore how China can better attract and manage investment in low-carbon initiatives.
"Financing plays a critical role in fighting climate change, with capital as its key factor," said Wu Changhua, greater China director of the Climate Group, the independent not-for-profit organization that initiated the scheme, titled Shaping China's Climate Finance Policy.
Aiming to influence policy making, it will conduct systematic research from an international perspective, she explained.
Sponsored by the British Foreign and Commonwealth Office, research will be jointly conducted by the Climate Group and the Research Center for Climate and Energy Finance at China's Central University of Finance and Economics.
It will explore key issues of financing the low-carbon sector, including its capital requirements, sourcing, fund management and how to attract social capital.
Climate finance is important to the UK, to China and to the rest of the world. It is an area in which the UK and China can develop mutually beneficial cooperation, said John Edwards, a counselor of the British Embassy in Beijing with responsibility for climate change, energy and knowledge economy issues.
"Only if we marshal private and public funds to support low-carbon development, can we stop dangerous climate change and secure the long-term economic and social goals of both our countries," he said.
The UK would like to offer its private sector expertise on low-carbon finance and the government is committed as "it is important for the whole world that China succeeds," according to Edwards.
The Climate Group works internationally with government and business leaders to come up with policies and technology to cut global greenhouse gas emissions.
Tony Blair, former British prime minister, is one of the group's initiators.