The European Commission announced Monday that it will invest 10 million euros in Greenstar Energy Conservation and Emission Reduction Private Equity Fund, the first energy efficiency-focused private equity fund in China.

Attending the EU-China Smart City Forum at the Shanghai World Expo, Gunther Oettinger, EU commissioner for energy, said the European Union will cooperate more with China in the fields of renewable energy and environmental protection.

Although China is already one of the world' s leading countries in terms of investment in the renewable energy sector, the finance mechanism in the energy efficiency sector is still evolving, said Oettinger.

The investment will be provided through the Global Energy Efficiency and Renewable Energy Efficiency Fund (GEEREF).

(Xinhua News Agency July 5, 2010)