Shandong Development Investment Holding Group launched a 10 billion yuan ($1.54 billion) green development fund in Laiwu, Shandong province on June 19, aiming to propel the province's pollution prevention and treatment, energy conservation and environmental protection.

The state-owned capital investment and operating company also inked a cooperation agreement with Tsinghua Tongfang Co Ltd, a high-tech listed company founded by Tsinghua University, to manage and operate the fund.

With the first phase of investment being 1.7 billion yuan, the fund will be invested in clean energy, green transportation, green buildings, energy conservation and environmental protection, advanced technology, new materials and the low-carbon industry, to accelerate transformation of economic growth, adjust economic structure and promote sustainable development in Shandong.

Green development has become an inevitable requirement for building a high-quality and modern economic system as well as a fundamental solution to energy conservation and emission reduction.

Supported by the scientific strength of Tsinghua University and Tsinghua Tongfang's technological and project implementing expertise, the Shandong Development Investment Holding Group will give boost to regional green development, and provide support to the province in the process of replacing old economic drivers with new ones. 

Shandong Development Investment Holding Group and Tsinghua Tongfang Co Ltd ink a cooperation agreement to manage and operate the green development fund for Shandong on June 19 in Laiwu, Shandong province. [Photo/dzwww.com]

Guests pose for a group photo at the launch ceremony of a green development fund on June 19 in Laiwu, Shandong province. [Photo/dzwww.com]

The launch ceremony of the green development fund by Shandong Development Investment Holding Group is held on June 19 in Laiwu, Shandong province. [Photo/dzwww.com]