China to Let Local Governments Find Own Ways to Meet National Carbon Goals

China will start selecting local governments to pilot programs to facilitate investment and financing for climate-related areas, as it encourages them to find their own ways to fight climate change and bankroll the nation’s decarbonization drive.

Climate investment and financing aims to channel more funds into climate resilience, according to a work plan (link in Chinese) released last week by the Ministry of Ecology and Environment, the People’s Bank of China and seven other state departments. The document lays out the goals and tasks for carrying out climate investment and financing pilot projects.