China gathers $12.7b for first green investment fund

Source: Anastasiya Romanova/Unsplash

An investor group led by China’s Ministry of Finance, Ministry of Ecology and Environment and the city of Shanghai has raised 88 billion yuan ($12.7 billion) for the country’s first dedicated environmental fund.

The three parties are leading a group of 26 investors – most of them state-owned entities – to commit capital to the new fund, dubbed the National Green Development Fund (NGDF).

The NGDF will primarily be used to invest in national strategic programmes such as the green development of the Yangtze River Economic Belt, which covers nine provinces and two centrally-administered municipalities.

The Ministry of Finance, which administers China’s macroeconomic policies and annual budget, will be the fund’s single largest contributor with a 10 billion yuan ($1.4 billion) allocation.

The country’s big four state-owned banks, namely Bank of China (BOC), China Construction Bank (CCB), Agricultural Bank of China, and Industrial and Commercial Bank of China (ICBC), will each contribute 8 billion yuan ($1.1 billion) over five years to the green investment fund.

The NGDF will also receive capital commitments from local finance ministers and major state-owned enterprises across the 11 provincial-level regions along the world’s fourth longest waterway.

The fund is aimed at “strengthening the construction of ecological civilization” and is meant to “guide social capital to invest in green development fields such as pollution control, ecological restoration and spatial greening, energy conservation and utilization and clean energy,” said the Bank of China in its statement.

Between 2016 and 2020, the Chinese government has allocated 78.3 billion yuan to tackle water pollution, 97.4 billion yuan to fight air pollution and 28.5 billion yuan on soil pollution, as well as another 20.6 billion yuan to tackle environmental problems in rural regions, Reuters recently reported.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.