Climate Group suggests better climate finance for China

A man rides a bike on the fog-shrouded road in Nanchang, capital of east China's Jiangxi Province, Nov. 19, 2012. The local meteorological authority issued an orange alert against fog Monday morning. (Xinhua/Zhou Ke)

China should establish a climate change law as soon as possible, according to The Climate Group on Tuesday.

The group has also suggested that the country set up a ministerial government body to improve climate finance governance.

A report issued by the independent non-profit organization advised setting up a state climate fund and a special fund for South-South cooperation in dealing with the environmental challenge.

Wu Changhua, director of the Greater China of The Climate Group, said investment was a key factor in handling climate change and society should help solve the finance problem.

The report was part of a joint program between The Climate Group and the Research Center for Climate and Energy Finance at China's Central University of Finance and Economics.

Wu praised the idea of promoting the Chinese government's ecological progress.

China has pledged in its 12th Five-Year Program to cut energy consumption per unit of GDP by 16 percent while slashing carbon emissions by 17 percent in the five years to 2015. That will help China meet its pledge of reducing carbon intensity by 40 to 45 percent by 2020 from the 2005 levels.

Founded in 2004, The Climate Group aims to inspire a "clean revolution" with offices in a number of countries.