The relationship between the European Union and China in the field of climate change has been confirmed once more through a new financing agreement signed last week in Brussels by the European Commission and the Ministry of Commerce of the People's Republic of China

The aim of the agreement is the promotion of environmental protection and a transition towards a low carbon economy, which also means a reduction in greenhouse gas emissions. To achieve this, three main projects are to be implemented.

The first one deals with Design and Implementation of Emissions Trading Systems. This is no surprise as two Chinese provinces (Guangdong and Hubei) and five major cities (Beijing, Shanghai, Tianjin, Chongqing and Shenzhen) have already started pilot trading systems which, if correctly implemented, could be applied to the entire country.

The second project is focused on sustainable urban development and the use of energy and resource-efficient ecological solutions, while the third one will involve Chinese institutions in the effort to achieve a better management of water resources, waste disposal and heavy pollution reduction.

The timeframe of the project is four years and the contribution of funds will amount to €25 million.

Please find more information in the European Union official website