Menu

Search

  |   Nature

Menu

  |   Nature

Search

China Increases Fight Against Pollution To Prevent Billions Of Dollars In Losses

China Smog.erhard.renz/Flickr

For some time now, China has been one of the leaders in the fight against climate change and pollution. Faced with the prospect of losing billions in the solar industry and a suffocating atmosphere, the country is taking radical steps. These come in the form of Green Finance zones, which are intended to provide incentives for clean businesses.

China has set aside $440 billion as the budget for its anti-pollution campaign and as part of this initiative, financial institutions within select areas are given the authority to present businesses invested in renewable energy with incentives. These incentives will either come in special funds or with some form of credit, Futurism reports.

The initiative is also intended to encourage businesses to come up with innovative ways to take advantage of the green drive via new mechanisms. These could involve new insurance practices and even trading projects involving emissions.

With regards to the chosen areas, the focus of their incentives and projects will differ depending on the industries that they are involved with. As a result, coastal areas and agricultural areas will not have the same types of offers.

The Asian giant has done well to be one of the leaders in pursuit of a more sustainable future for the world, but it is currently facing several challenges. There’s the matter of the air pollution, for starters, which is causing more than respiratory troubles. It is also cutting into the solar energy market that China is trying to dominate, CBS News reports.

According to new data by Duke University researchers, solar companies are losing billions due to the interference by air pollution. The heavy smog in certain areas of the world is cutting solar output by as much as 25 percent. If nothing else, this incentivizes China to be more proactive in solving the problem, largely because it’s one of the biggest contributors to air pollution.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

November 24 15:30 UTC Released

USECRI Weekly Index*

Actual

145.6 %

Forecast

Previous

145.6 %

November 24 14:45 UTC Released

US1st Half-Mth Infl YY*

Actual

54.6 %

Forecast

Previous

54.6 %

November 27 09:00 UTC 29642964m

ITExport Prices*

Actual

Forecast

Previous

111 %

November 27 09:00 UTC 29642964m

ITImport Prices*

Actual

Forecast

Previous

116.1 %

November 27 14:00 UTC 32643264m

MXTrade Balance, $*

Actual

Forecast

Previous

-1.886 Bln USD

November 27 14:00 UTC 32643264m

MXTrade Balance SA*

Actual

Forecast

Previous

-1.559 Bln USD

November 27 15:30 UTC 33543354m

USDallas Fed mfg bus index

Actual

Forecast

Previous

27.6

November 27 21:00 UTC 36843684m

KRBOK Manufacturing BSI*

Actual

Forecast

Previous

87 Bln BRL

November 28 00:00 UTC 38643864m

BRCentral Govt Balance

Actual

Forecast

Previous

-22.725 Bln BRL

November 28 07:00 UTC 42844284m

DEGDP Growth QQ* Advance

Actual

Forecast

Previous

10.7 %

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.