Speaking as President Xi Jinping’s special envoy to the United Nations Climate Summit in September 2014, Vice Premier Zhang Gaoli said that China would elevate South-South climate cooperation to the top of its list of priorities, and starting in 2015 would double its annual financial support to enable the establishment of a China South-South Climate Cooperation Fund. During his state visit to the United States in September 2015, Xi announced that China would allocate RMB20 billion to launch the Fund.
The Fund’s mission is to support other developing countries in combatting climate change and transitioning toward green and low-carbon development. It will help them to enhance their overall climate resilience and their ability to access the UN Green Climate Fund, and to reduce their dependency on high-pollution and high-emission projects at home and abroad. The establishment of the Fund is a concrete move on the part of China to promote South-South cooperation in climate governance and to provide assistance to underdeveloped countries and regions.