UK and China sign 10 million low carbon innovation joint venture
Release Date: 2009-06-09
British businesses can expect greater opportunities to export low carbon technologies to one of the world’s fastest growing low carbon markets thanks to an agreement signed today between the UK and China.
The 10 million joint venture between the UK‘s Carbon Trust and the state-owned China Energy Conservation Investment Corporation (CECIC) aims to accelerate low carbon innovation in China by helping British businesses export low carbon technologies to China and giving financial assistance to UK and Chinese low carbon start-ups in China.
The Carbon Trust said the deal would open new markets for innovative, British clean technology companies as well as helping to reduce global carbon emissions.
China is one of the fastest growing markets for low carbon technologies. According to the US Department of Commerce the total value of the clean technology market in China is estimated to grow to $186 billion (124 billion) in 2010 and $555 billion (370 billion) in 2020. Meanwhile, a UK Trade and Investment report published last year has valued the Chinese market for UK environmental goods and services at 20 billion.
China represents an exciting new market for clean technology businesses, said Tom Delay, chief executive of the Carbon Trust. 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.
The joint venture follows a Memorandum of Understanding signed by The Carbon Trust and CECIC in April 2008 to explore opportunities to work together. Both parties are investing up to 5 million in the joint venture, but the Carbon Trust said it would be worth much more than the initial investment, as it would leverage significant third party funding from the public and private sectors.
UK Energy and Climate Change Secretary Ed Miliband described the agreement as an important contribution to building a global low carbon economy. The Chinese market for low carbon and clean technology products and services is substantial and growing at a significant rate, he said. 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.
The CECIC was founded by the Chinese State Council to promote and lead the advance of the energy efficiency and environmental protection industries in China.
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, commented Wang Xiaokang, president of CECIC. We share [with the Carbon Trust] 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.
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