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The EU and China signed a financing agreement promoting the environment, transition towards a low-carbon economy and a reduction of greenhouse gas emissions in China. The EU will support pilot projects to provide technical assistance, training and fostering exchanges of experience, best practice and know-how in areas like the low-carbon economy and the green economy. The three projects -for which the EU contribution amounts to €25 million- will be implemented over a period of 4 years and focus on areas like water, waste and heavy metal pollution, emission trading system (ETS) and sustainable urbanisation. In June 2012, the EU and China also signed a Cooperation Plan on Agriculture and Rural Development.

In particular, the first project will support the Design and Implementation of Emissions Trading Systems in China, set up in order to assist China in its efforts to meet its emission reduction targets and boost low carbon development. The second project is to assist Chinese cities in adopting energy and resource- efficient ecological solutions by sharing experiences on sustainable urbanisation and other relevant policies between Europe and China. The third project aims to encourage the Chinese authorities in their efforts to achieve environmental sustainability by reducing water and heavy metal pollution and implementing sustainable waste treatment policies.

According to Climate Action Commissioner, Connie Hedegaard, the agreement is an important step for an ever closer cooperation towards a robust international carbon market. She also added that it is a huge opportunity to modernise both economies, stimulate growth and create jobs in new dynamic industries with innovative technologies and clean energy.