The Baotou bureau of ecology and environment and the People's Bank of China Baotou Central Sub-branch recently signed the Baotou climate investment and financing development cooperation framework agreement, marking the official start of the city's climate investment and financing pilot work.

At the signing ceremony, eight green projects costing a combined 1.59 billion ($219.37 million) signed cooperation agreements with the bank.

One of the projects is the largest integrated demonstration project of CCUS carbon capture, utilization and storage technology in China's steel industry. After the completion of the first phase of the 500,000-metric-ton demonstration project, it is expected to reduce carbon dioxide emissions by 365,300 tons per year, which is equivalent to planting nearly 19 million trees.

In March 2021, Baotou stepped up its innovation efforts. On Aug 10 this year, the city was selected as part of the first batch of pilot cities for climate investment and financing in the country. It is also the only city selected by Inner Mongolia autonomous region.

"Promoting climate investment and financing will help more capital flow into climate change and green and low-carbon fields, and accelerate the realization of the 'dual-carbon' goal and green transformation and development," said Wang Yuming, director of the bureau.

In the future, Baotou will continue to expand market entities, broaden financing channels, and improve the environment for all parts of society to participate in and promote climate investment and financing.