(Yicai Global) March 29 -- Clean energy supplier Envision Group and venture capital firm Sequoia Capital China said today they will jointly set up a carbon-neutral technology fund worth CNY10 billion (USD1.52 billion) to back global leaders in the field, Securities Times reported.

The two parties will foster an innovative ecology through industrial fund investment and will accelerate the formation of carbon-neutral technology, the report said.

China announced last September that the country will strive to hit peak carbon emissions by 2030 and achieve carbon neutrality by 2060. Businesses are being encouraged to promote low-carbon campaigns.

Shanghai-based Envision is the first Chinese mainland firm to commit to 100 percent renewable electricity by 2025.

Co-founded by Shen Nanpeng and Sequoia Capital in September 2005, Sequoia Capital China invests in new energy, electric vehicles, and carbon-neutral technologies.

Editor: Tom Litting