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BEIJING: The world’s biggest steel producer China Baowu Steel Group has signed an agreement with partners on Thursday to set up a “carbon neutral” fund, targeting a total investment of 50 billion yuan ($7.74 billion).

Founded along with companies including the China Pacific Insurance and National Green Development Fund, the fund would have an initial investment of 10 billion yuan, Baowu said in a statement, describing it as the biggest carbon themed fund in China.

“The equity fund... will focus on clean energy, green technology, environmental protection and pollution controls,” said Baowu, adding that it would also explore high-quality projects in areas with clean energy such as wind and solar.

The second phase of the fund is being planned with a Bank of China subsidiary, Baowu said.

President Xi Jinping pledged last year to make China “carbon neutral” by 2060.

With 115 million tonnes of steel output last year, the Baowu group aims to bring its greenhouse gas emission to a peak in 2023 and to achieve carbon neutrality by 2050.

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