Joint venture will open markets for innovative low carbon businesses and reduce global carbon emissions.
The Carbon Trust today signed a groundbreaking agreement in Beijing with the China Energy Conservation Investment Corporation (CECIC) to develop and deploy low carbon technologies in China. This partnership will help British business wanting to export low carbon technologies into China.
The £10 million agreement will see a joint venture 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.
The Carbon Trust signed the agreement with CECIC to accelerate low carbon innovation in what is already one
of the fastest growing markets for low carbon technologies.
CECIC was founded by the Chinese State Council to promote and lead the advance of the energy efficiency and environmental protection industries in China.
The joint venture will have two core objectives: 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. As well as the initial £10 million investment funded by CECIC and the Carbon Trust, the joint venture aims to leverage significant third party funding from the public and private sectors.
This agreement represents an important step towards the UK and the world using low carbon technology to drive economic recovery as outlined by Ed Miliband and Peter Mandelson in their low carbon Industrial Summit earlier this year. The Low Carbon Innovation Agreement is another example of how the UK is at the vanguard of this rapidly growing global market.
Ed Miliband, UK Energy and Climate Change Secretary, said:
“The Chinese market for low carbon and clean technology products and services is substantial and growing at a significant rate. We can see here clear evidence of the vision outlined in the UK Government’s Low Carbon Industrial Strategy that advanced green manufacturing presents us with a huge economic opportunity as well as reducing our carbon emissions. This new agreement is an important contribution to building a global low carbon economy, bringing UK and Chinese expertise together to generate real commercial value.”
Tom Delay, Chief Executive of the Carbon Trust said:
“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.”
Mr. Wang Xiaokang, the President of CECIC, said:
“As the only national investment corporation specialised in the fields of energy conservation, emission reduction and environmental protection in China, China Energy Conservation Investment Corporation plays a unique role without any substitute.”
“China Energy Conservation Investment Corporation and the Carbon Trust are both fully committed to tackling climate change, improving energy efficiency and promoting low carbon innovation in our respective countries. We share the same important mission of pushing forward energy conservation and emission reduction. We look forward to the new achievements brought about by the new joint venture.”