Government shows urgency in climate change battle
In a bid to ensure sustainable development and economic growth, the government has enacted a fresh action programme on continuing response to climate change, with new mechanisms in favour of private investment.
In addition to an increase in state budget in investing into responding to climate change, and managing natural resources and the environment, the government will have a flexible mechanism on allocating the use of natural resources under a market mechanism. Notably, the government will “develop markets for environmental goods and services, the carbon market, public-private partnership models, and green credits and green bonds, as well as mobilise investment capital from non-state sources,” according to Resolution 06.
