China has unveiled plans to launch a 50 billion yuan (US$8.13 billion) environmental protection fund to step up efforts to reduce widespread pollution, Reuters said, citing a report by China Securities Journal.
The National Development and Reform Commission and the Ministry of Finance will invest in the fund that will be used in helping critical sectors through low or no-interest loans, according to the newspaper.
Guidelines for the use of the fund are expected to be released before the year ends.
The country’s rapid economic growth has resulted in rampant air and water pollution, prompting the World Health Organization to warn of the rising health hazard, Reuters said.
China now emits about twice as much carbon as the United States, the world’s number two greenhouse gas polluter. And without major policy changes, China is set to double its greenhouse gas emissions by 2040, the report said, citing a study by US Energy Information Administration.
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