Reuters | By: David Stanway | Mon Jun 26, 2017 | 9:27pm EDT:
China has launched five pilot zones to promote “green finance” and help pay for a war on pollution that is expected to cost at least 3 trillion yuan ($440 billion) a year, according to notices published by the central bank on Monday.
The five zones will be set up in the provinces of Guangdong, Guizhou, Jiangxi and Zhejiang, as well as the far western region of Xinjiang, and financial institutions will be given a variety of incentives to provide credit and special funds for environmentally friendly industries.
Banks will be encouraged to explore new financing mechanisms, including emissions trading and water use permits. The pilot programs will also speed up the development of green insurance.
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