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A photo taken on August 11, 2023 shows Yucun village in eastern China’s Zhejiang province. [Photo/Xinhua]
To address the lack of funding for environmental protection, government agencies from four countries on Wednesday jointly released guidelines to promote environmentally-oriented development.
The document was issued on December 22 by the Ministry of Ecology and Environment, the National Development and Reform Commission, the People’s Bank of China, and the State Financial Supervisory Administration for pilot implementation.
EOD is a development mode that aims to effectively raise environmental protection funds without increasing the government’s debt burden.
The guidelines point out that EOD can help environmental protection and industrial development complement each other.
Each program of this mode has projects for environmental protection and industrial development. According to the document, environmental projects will contribute to increased income for the industrial sector, while a portion of the revenues from industrial development will be used to further strengthen environmental protection.
The document points out that China’s environmental protection activities are mainly supported by government investment, but face challenges such as insufficient overall investment and inadequate investment and financing channels. are doing.
The EOD mode is expected to reduce pressure on governments to raise funds for environmental protection and promote investment from social capital and financial institutions, and effectively address the funding gap in environmental governance. There is.
The document states that financial institutions are encouraged to consider financial products and services that are tailored to the characteristics of their EOD programs. It also plans to streamline the screening and approval procedures for loans for EOD projects and introduce preferential policies for EOD projects.