As part of the existing UK PACT programme, we are delighted to announce the award of Country Programmes grants totalling up to £2.3 million to support innovative capacity-building projects in the green finance sector in China.
The awards follow a rigorous assessment of project proposals submitted as a result of UK PACT’s recent call for proposals in China.
UK PACT’s funding will support new and ongoing projects addressing three core areas of green finance identified by both countries as a priority for China:
- Harmonisation: aligning China’s green finance standards with international standards, especially in the drive to shift away from fossil fuel and carbon investments.
- Transparency: supporting Chinese financial institutions and listed companies to better report on climate-related financial risks and increased uptake of ESG (Environmental, Social and Governance) investment criteria.
- Capacity building: building core skills and promoting knowledge-sharing between Chinese and international green finance practitioners.
During his recent speech to the UN General Assembly, President Xi Jinping pledged that China will “scale up its Intended Nationally Determined Contributions by adopting more vigorous policies and measures. China aims to cut CO2 emissions by 55% before 2030 and achieve carbon neutrality before 2060”.
With an estimated start date of January 2021, the successful projects will be receiving grants between £100,000 and £500,000. They will build on the strong achievements of green finance projects from the first round of UK PACT awards in China.
Through its grants, UK PACT aims to work in partnership with countries to improve the capacity and capability of key public, private and civil society institutions to reduce emissions and foster inclusive economic growth.