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Trial operation of Green Technology Bank starts in Shanghai

    China's Green Technology Bank has already started trial operation, according to information released at the High-level Seminar on Science, Technology and Innovation (STI) for the SDGs held in Shanghai on Monday.

    A 3.5-billion-yuan fund for green technology transfer has also been set up to promote technology transfer and industrialization in energy conservation and environmental protection, contributing to the 2030 Agenda for Sustainable Development and Paris Agreement.

    The bank is part of China's endeavor to implement the 2030 Agenda for Sustainable Development passed in 2015 UN Sustainable Development Summit and Paris Agreement for Climate Change. The agenda sets global goals in the next 15 years and considers science and technology innovation as a major way to carry out sustainable development.

    The structure of the Green Technology Bank is three-fold: construction steering group, management center and market operators. Steering group is the decision-making body led by the Ministry of Science and Technology and the Shanghai Municipal Government with members like the Ministry of Foreign Affairs and the National Development and Reform Commission. The management center is responsible for detailed operation of the bank and led by the Shanghai Science and Technology Commission. Market operators consist of six parts, including green technology information platform, technology evaluation organization, technology transfer service agency, commercial bank, fund company and makers company, providing operation maintenance and industrialization service.  

    The bank operates under the mechanism that includes ¡°government guidance, participation of civil society organizations, public interests-oriented services and market-oriented operations¡± and following the principles of ¡°professionalization, globalization and marketization¡±.  

    The Shanghai Science and Technology Commission said they are working to build three platforms for the bank, namely, the information platform, the transfer platform and the financing platform.