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China to finance global green energy sector

China is set to finance a $100 billion global green technology investment fund and will invest $20 billion to create the Green Finance Corporation, the country’s top green finance company said.

The Green Finance Corp is set up in Beijing and will manage projects across the world, including green energy, energy efficiency, renewables, solar, biofuels and other green technologies, according to the official Xinhua news agency.

China has long been one of the world’s largest consumers of green energy and it has long sought to diversify its energy mix, which is now estimated to be as much as 50 percent from fossil fuels, Xinhua said.

“The new Green Finance is a big opportunity for China to build a global green financing business,” Zhang Wei, chief executive officer of the Chinese Green Finance Co., said in a statement.

“The fund is designed to develop green finance in the global arena, and the world will benefit from its growth.”

China has been a big user of renewable energy and is currently investing in renewable energy projects in the United States, the United Kingdom and elsewhere.

It has also become a major investor in the US clean energy industry, particularly wind, solar and geothermal power.

Zhang said the fund will be backed by a total of $200 billion.

More to come.