On 13 September 2026, the Casebook of Representative Practices in Green Finance Support for Zero-Carbon Industrial Parks, to which the Huzhou Green Finance Institute (HZGF) contributed, was officially released at the Annual Meeting of the Green Finance Committee of the China Society for Finance and Banking (GFC). With support from the Zhejiang Branch and the Inner Mongolia Autonomous Region Branch of the People's Bank of China, the Taizhou Society for Finance and Banking, and the Administrative Committee of Ordos Mengsu Economic Development Zone, HZGF conducted case studies of Ordos Mengsu Economic Development Zone and Taizhou Wenling Economic Development Zone, systematically reviewing innovative financial practices that support the development of zero-carbon industrial parks.
In recent years, zero-carbon industrial parks have increasingly become an important vehicle for advancing the green and low-carbon transformation of industry. Built on a foundation of green energy supply, these parks promote coordinated low-carbon transformation across industry, energy, infrastructure and management. Through measures including the use of green electricity, energy conservation and carbon reduction, resource recycling, and integrated energy and carbon management, they facilitate a systemic transformation of production and operational models. As the development of zero-carbon industrial parks accelerates, financing needs for infrastructure construction, industrial project development and the deployment of low-carbon technologies are also increasing, placing greater demands on the diversity and comprehensiveness of financial support.
The Mengsu and Wenling cases represent two distinct pathways: the green transition of a resource-dependent region and the low-carbon upgrading of a manufacturing-based industrial park. The case studies find that zero-carbon industrial park development is characterised by large investment requirements, long development cycles and diversified financing needs. A single financial product or institution is therefore unlikely to meet the financing requirements arising at different stages of infrastructure construction, industrial development and technological innovation. Instead, a combination of financial instruments (including bank credit, local government special-purpose bonds, industrial investment funds, equity investment and policy-based finance) is needed according to the specific stages of park development and the needs of industrial growth. Coordination among governments, financial institutions, industrial capital and other stakeholders is also essential to establishing a comprehensive financial support system.
Ordos Mengsu Economic Development Zone, Inner Mongolia
Ordos Mengsu Economic Development Zone in Inner Mongolia represents an important example of green transition in a resource-dependent region. Leveraging abundant wind and solar resources as well as an established new-energy industrial base, the zone has developed an industrial system spanning wind power, solar power, hydrogen, energy storage and new-energy vehicles, while exploring a development model integrating “renewable energy generation + direct green electricity supply + green hydrogen production + zero-carbon manufacturing”.
Given the large scale of infrastructure investment, long construction cycles and concentrated financing requirements of industrial projects associated with zero-carbon park development, the zone, with support from the Ordos Branch of the People's Bank of China, has deployed a combination of financial instruments, including local government special-purpose bonds, the Carbon Emission Reduction Facility (CERF), syndicated loans, industrial investment funds and policy-based finance.
Local government special-purpose bonds have primarily supported infrastructure such as standardised factory buildings and substations. The Carbon Emission Reduction Facility has helped reduce financing costs for eligible green projects. Syndicated loans have provided medium and long-term financing for major projects, including new-energy industrial bases. Industrial investment funds have supported the development of sectors such as new-energy equipment manufacturing, energy storage and hydrogen through equity investment and fund-led investment promotion. Policy-based finance has supported green infrastructure projects, including industrial wastewater treatment and water reclamation and reuse. Together, these instruments have gradually formed an integrated financing system characterised by coordination among equity investment, bond financing and lending, with diversified financial instruments aligned with the needs of both park construction and industrial development.
Wenling Economic Development Zone, Taizhou, Zhejiang
Wenling Economic Development Zone in Taizhou, Zhejiang, illustrates a different approach: the use of coordinated financial support to facilitate the transition of a manufacturing-based industrial park towards zero-carbon development. As one of the first industrial parks selected for China's national zero-carbon industrial park programme, Wenling Economic Development Zone is building on its “423” advanced manufacturing system and its offshore wind, onshore wind and solar energy resources to advance source-grid-load-storage integration and direct green electricity connection and supply.
To address challenges including high capital intensity, long payback periods, insufficient standards for identifying green assets and limited financing capacity among some park entities, the zone, under the guidance of the Taizhou Branch of the People's Bank of China, has developed a diversified financial support system combining government guidance, bank financing, supplementary fund investment and international capital.
In particular, the zone has used market-oriented platforms to develop industrial investment funds and adopted a “fund + equity + project” model to support industrial investment attraction and the development of technology enterprises. It has also introduced international development finance to support the construction of zero-carbon infrastructure. Together, these measures have created diversified financing pathways covering park infrastructure, industrial investment and project attraction, demonstrating coordination among the People's Bank of China, local governments, park-level platforms, financial institutions and industrial capital in providing financial support for zero-carbon industrial parks.
The two cases examine zero-carbon development from the respective perspectives of industrial transition in a resource-dependent region and low-carbon upgrading in a manufacturing-based industrial park. They demonstrate the differing financial needs of different types of zero-carbon industrial parks and the practical application of coordinated, diversified financial instruments. Experience from the two locations suggests that zero-carbon industrial park development needs to move beyond reliance on individual financing instruments towards a comprehensive financial support system, combining multiple financial instruments and coordinating multiple stakeholders according to different stages of park development and specific industrial needs. The two cases also provide a practical basis for further research into investment and financing models for zero-carbon industrial parks and for improving financial support mechanisms.
HZGF's contribution to the compilation of the Casebook of Representative Practices in Green Finance Support for Zero-Carbon Industrial Parks represents an important outcome of the Institute's research and practical exploration of financial support models for zero-carbon industrial parks. Going forward, the Institute will continue to examine investment and financing needs in zero-carbon industrial park development, with particular attention to improving the alignment between financing demand and financial supply. It will further synthesise financial practices across different types of industrial parks and support the development of more diversified, targeted and sustainable financial support models, providing research-based evidence and practical references for the financial sector's contribution to zero-carbon industrial park development.
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