The low carbon £10m agreement will see a joint venture (JV) created to “accelerate low carbon innovation and technology transfer in China, opening new markets for innovative, British clean technology companies and reducing global carbon emissions,” according to the Carbon Trust.
The low carbon JV will have two core objectives, says the Carbon Trust: to incubate new and emerging low carbon technologies and introduce selected low carbon businesses from the UK to China; and to provide financial investment for UK and Chinese low carbon businesses in China.
In addition to the initial £10m from CECIC and the Carbon Trust, the JV aims to leverage funding from public and private sectors.
Tom Delay, Chief Executive of the Carbon Trust, says: “China represents an exciting new market for clean technology businesses. We hope to act as a bridge for UK companies entering the Chinese low carbon marketplace and believe that our approach to low carbon innovation, coupled with CECIC’s expertise in clean energy in China, will open up new exciting opportunities for UK companies at the cutting edge of carbon reduction.”
“We want this joint venture to become a successful example of an international collaboration to accelerate low carbon innovation and technology transfer and a framework for future international agreements,” he adds.