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Economy

ADB, UN teaming up on $1.5bn China environmental fund

Green business seen flourishing as Beijing tightens regulations

Buildings in Beijing. China is battling air pollution and other environmental ills.

BEIJING -- The Asian Development Bank and United Nations-backed Green Climate Fund are joining hands to launch a roughly $1.5 billion fund promoting the growth of green business in China, with plans to solicit investment from corporations and municipalities in the country as well.

Green business is expected to flourish in China as the government gets tough on environmental issues. Many factories have been forced to halt operations or shut down as part of the drive this year.

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