Qingdao WCNA wins climate investment, financing pilot area approval

Qingdao West Coast New Area is a national ecological conservation demonstration area. [Photo/WeChat ID: qdxihaianfabu]

Qingdao West Coast New Area (Qingdao WCNA) was recently listed among the first group of 23 climate investment and financing pilot areas in China, becoming the first place to be approved in East China's Shandong province.

"Climate investment and financing" means investment and financing activities in response to climate change, with the flow of more capital actively guided and promoted in order to achieve the goals of intended nationally determined contributions (INDC) and low-carbon development.

In December 2021, nine national government departments, including the Ministry of Ecology and Environment, began to map out the first pilot areas of climate investment and financing. The climate investment and financing pilot project is China's important measure to accomplish carbon peaking and carbon neutrality goals and actively respond to climate change.

As a national ecological conservation demonstration area and an area that has an edge in developing related major projects, Qingdao WCNA received the pilot qualifications.

Qingdao WCNA is about to start this year's second-round selection of climate investment and financing projects to tap the potential of green and low-carbon projects of strategic emerging industries and cultivate high-quality climate investment and financing projects with obvious climate and social benefits and investment value.

The local government plans to hold "government-investor-enterprise" symposiums to establish an industry-finance docking mechanism between enterprises' projects and investors, comprehensively apply industrial policies, financial policies and fiscal policies, and introduce supporting incentive policies that fit into Qingdao WCNA's actual working conditions, so as to achieve practical results in its climate investment and financing work and provide a successful model that can be replicated and promoted.

By 2025, Qingdao WCNA will strive to complete the goals and tasks of promoting industrial restructuring with transformational finance, set an example by carrying out carbon dioxide peaking and carbon neutrality work in the marine field, and create an international climate investment and financing cooperation platform.