Full coverage: G20 Hangzhou Summit

China’s central bank and the Ministry of Finance have released a guidance on how to build a comprehensive system of green finance.

The concept is designed to help the world economy transform into a green and low-carbon growth model. The finance ministry will provide direct investment support for projects that cut carbon emissions and develop renewable energy.

The central government’s budget plan for 2015 shows that the government spent more than 40 billion yuan on energy saving projects. That was up 16 percent from the previous year. China also saw spending on environmental protection increase 26 percent last year to 480 billion yuan.