China should formalize its various payment schemes for ecological services and work to attract more private sector investments for environmental protection, a new publication from the Asian Development Bank and China’s National Development and Reform Commission suggests.
Innovating these schemes would help to further protect China’s environment, explained Klaus Gerhaeusser, head of ADB’s East Asia Regional department, which released the publication. It also provides a way forward to other countries looking to address the degradation of their environment.
The publication, dubbed “Payments for Ecological Services and Eco-compensation: Practices and Innovations in the PRC,” compiles papers and speeches about China’s ongoing efforts to innovate its eco-compensation system. These papers were presented in a conference held in late 2009 in China. They have directly contributed to the development of China’s eco-compensation legislation, which is set to be implemented as part of the country’s 12th five-year plan covering 2011 through 2015.