China, EU up the ante on environmental cooperation

The European Union and China plan to launch a system that could translate their green definitions to facilitate the flow of environment-focused funds amid enhanced cooperation in the field.

Ma Jun, chairman of the China Green Finance Committee, an organization within China's central bank, made the remark on Tuesday on the sidelines of a key annual UN climate change conference in Katowice, Poland, as his committee and the European Investment Bank jointly published a white paper on the need for a common language in green finance.

The work on the system, which could help Chinese and European markets to easily understand each other's green definitions, will start next year after the European Union unveils its green standard, disclosed Ma.