Chinese and U.S.companies launched a cooperative fund to promote energy conservation for buildings in China on Thursday.
The fund is facilitated by the Office of the Central Leading Group for Financial and Economic Affairs, one of the country's top economic offices, and the Paulson Institute to reflect the consensus of both countries to combat climate change.
Chinese companies, including China State Construction, Industrial and Commercial Bank of China and Vanke and U.S. firms Warburg Pincus and DOW Chemical, contributed to the fund.
Energy consumption from buildings accounts for about 51 percent of total energy consumption in the United States where standards, technology and building management are mature, while the number for China is about 37 percent, according to Wang Shi, board chairman of Vanke, China's largest real estate developer.
The number might rise with China's ongoing urbanization, which stands at less than 40 percent and is a far cry from the average of more than 70 percent in developed countries, which means a huge market for energy efficient buildings, Wang said.
The fund will support the promotion of U.S. expertise in building energy efficiency in the Chinese market with innovative investment, according to Jerry Yu, chief representative of the Paulson Institute (U.S.) Beijing Representative Office.