Beijing – A US-China Building Energy Efficiency Fund is being set up by companies from both countries, according to an announcement on China’s central government’s website on 17 September.
The Fund is backed by China’s central government and US think tank Paulson Institute. Among the Chinese companies are China State Construction, the Industrial and Commercial Bank of China, real estate developers Baoye Group and Vanke, and private equity firm CDH Investments.
Joining forces with those companies are Dow Chemical, Honeywell, General Electric, Goldman Sachs, Blackstone and Warburg Pincus from the US.
The fund intends to accelerate the deployment of US technology and expertise in the Chinese market to reduce emissions, improve energy efficiency, promote industrial productivity and encourage cross border innovation.
The companies have started negotiating about how to structure the new venture and the details of the funding mechanism remain to be worked out, according to Paulson Institute’s website.