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In brief: Oil and gas-backed climate fund launches in China

The China-focused fund will follow the model of the original OGCI Climate Investments, which launched in 2017 and lists 25 investments on its website.

OGCI Climate Investments, an organisation backed by energy majors that manages a $1 billion global decarbonisation fund, has helped launch a China-focused version of the fund, the organisation said. “OGCI China Climate Investments” will invest capital from three limited partners: China National Petroleum Corporation, the Hainan Free Trade Zone Development Equity Investment Fund Partnership and OGCI Climate Investments.

The new fund manager is owned by CNPC Asset Management, Hainan Development Holdings and Tianjin Climate Exchange, a spokesperson told New Private Markets. The spokesperson declined to comment on the size of the new venture or identify any of the individuals involved.

The China-focused fund will follow the model of the original OGCI Climate Investments, which launched in 2017 and lists 25 investments on its website. The fund looks for “outcomes that reduce methane and carbon dioxide emissions and that can recycle or store carbon dioxide”.