Jilin province in Northeast China recently launched the Jilin Province Soil Pollution Prevention Fund, making it one of the first provinces in the country to establish such a mechanism, according to Jilin Daily.

Since June 2020, the Jilin Provincial Department of Finance and relevant departments have been conducting extensive investigations into the feasibility of establishing a soil pollution prevention fund in Jilin province.

The fund focuses on supporting the prevention and control of soil pollution in agricultural land (including the safe use of contaminated farmland), the prevention and control of soil pollution in industrial and mining land, public facilities and sites, the development of soil pollution control and restoration technology, engineering design and construction, and other related industries.

The fund is between 300 ($46.47) and 500 million yuan in size, and has a duration of eight years.

The fund is jointly managed by the Jilin Provincial Department of Finance and the Department of Ecology and Environment, and is entrusted to operate by Jilin Province Jizheng Innovation Investment Co, a wholly-owned subsidiary of Jilin Province Private Equity Co.

Next, the Jilin Provincial Department of Finance will, together with the Department of Ecology and Environment and other departments, issue the Management Measures for the Jilin Province Soil Pollution Prevention Fund and the Guidelines for the Application of Jilin Province Soil Pollution Prevention Fund.

They will organize the application, review, and investment of soil fund projects, and strive to complete two to three investment projects within the year.