The first global association of high-tech, green financial enterprises was started recently by Ant Financial and the United Nations Environment Programme, to make available more green finance products. Under the strategic cooperation agreement, Ant Financial will also join the Finance Initiative project organized by UNEP.

"We believe we can share the concepts of green finance and the green lifestyle with millions of online users through the mobile internet, cloud computing and big data," said Eric Jing, president of Ant Financial, Alibaba Group's financial arm.

Future green finance products, including green debt and green funds for small and medium-sized enterprises and even individuals, would be offered by the association via Ant Financial's online platform.

Green finance, for the first time, has just been added to the G20 Summit with a G20 Green Finance Study Group (GFSG) being set up. China and the United States took the lead in ratifying the Paris climate change agreement one day ahead of the two-day G20 Summit in Hangzhou, Zhejiang province. In addition, the State Council approved a set of guidelines being described as an essential next step for implementing the country's strategy for nurturing an "ecological civilization".

The decision accelerates China's existing policy of greening its financial sector. Guidelines on Establishing the Green Financial System were issued on Aug 31 by seven government agencies.