The source of Qianjiang River in Kaihua county, Quzhou, Zhejiang province is a paradise for biodiversity. [Photo/app.qz123.com]

Seventy-two biodiversity conservation financing projects in Kaihua county, Quzhou, Zhejiang province have passed biodiversity risk assessments, eight of which have received effective management and adjustments, with a total credit amount of 989 million yuan ($136.57 million), local media reported at the 2024 Partnership of Biodiversity and the Finance roundtable meeting on May 28.

This marks the first time that the global organization PBF has entered Quzhou, engaging in biodiversity finance coordination and discussions in Kaihua. On Nov 30, 2023, the Kaihua Rural Commercial Bank became the first local legal entity in the country to officially join PBF as a member. This membership enables the bank to leverage the platform to gather more global financial resources for the protection of the Qiantang River's biodiversity.

PBF currently has 65 member institutions from around the world, including significant international financial organizations such as the World Bank and the Asian Development Bank, as well as related United Nations agencies like the United Nations Environment Programme.

Tang Dingding, secretary-general of PBF, noted at the roundtable meeting that the practice in Kaihua focuses on small and micro enterprises and individual farmers, which is very rare in the global biodiversity finance innovation landscape.

Zhuang Honglin, chairman of the Kaihua Rural Commercial Bank, stated that "This is an opportunity before us. We will better connect with international platforms and mobilize international financial resources to carry out more innovative practices for the protection of Qiantang River biodiversity."

Kaihua is conducting a demonstration project that promotes the mutual development of Qiantang River protection and beautiful towns, as well as an ecological restoration project for the construction of the Kaihua National Park.

To date, these initiatives have received support in the form of a 65 million euros ($70.33 million) loan from the French Development Agency, a 120 million yuan loan from the National Infrastructure Fund, and a 900 million yuan project loan credit from the China Development Bank, according to authorities.