China is further improving its policy framework for achieving climate-related goals, including a financial sector development road map that is in line with the global sustainable development agenda and adopted worldwide standards.

As traditional energy-intensive ways can no longer sustain the high-quality development of the world"s second-largest economy, policymakers are finding a new growth engine－restructuring the economy by green technologies, analysts said.

The Beijing-based Green Finance Committee of the China Society for Finance and Banking issued the results of new research on Sept 25 on achieving green development. It showed that China"s cumulative demand for green and low-carbon investment in the next three decades (2021-50) will reach 487 trillion yuan ($76.17 trillion).

This predicted amount of investment is much larger than what was indicated by earlier research from Tsinghua University (174 trillion yuan), Goldman Sachs (104 trillion yuan) and China International Capital Co (139 trillion yuan), given that it covers more industries, including environmental protection and ecological industries.

Such a huge investment will help promote economic growth through such factors as a decline in net energy imports, large green and low-carbon investments, more new job opportunities in low-carbon industries and technological progress, the GFC report said.

"Finance can play an active role in response to climate change issues, especially in areas such as improving the carbon pricing mechanism, coordinating green classification standards, promoting the mandatory disclosure of climate-related information and mobilizing market funds to support green transformation," Yi Gang, governor of the People"s Bank of China, said at the European Union"s first sustainable investment summit in October.