An agreement has been signed by the Agricultural Development Bank of China (ADBC) and the Climate Bonds Initiative to develop green agriculture projects in the East Asian country.
The Memorandum of Understanding (MoU) signifies a mutual consensus on the importance of the implementation of such projects as well as green bonds in China and the need to direct private capital to support the nation’s transition to a low carbon economy.
Climate Bonds is an international, investor-focused, non-profit initiative working on mobilising the $100 trillion (£76.5m) bond market for climate change solutions.
Under the MoU, Climate Bonds and ADBC will work together on developing green agriculture criteria that are in line with “green definitions” in the international market, China’s climate and environmental policies and agriculture strategy.
They will also identify potential projects and the available financing options and support mechanisms as well as promote and provide training on green agriculture criteria to relevant investors, including Chinese funds, banks and international investors.