BRUSSELS, Sept. 21 (UPI) -- The European Union announced it signed a finance agreement with China aimed at helping the country transition to a low-carbon economy.
Chinese Minister of Commerce Chen Deming met in Brussels with European officials to sign a deal to promote a reduction in greenhouse gases and a transition to a low-carbon economy.
"This is a huge opportunity to modernize our economies, stimulate growth and create jobs in new dynamic industries with innovative technologies and clean energy," said European Climate Action Commissioner Connie Hedegaard.
The European Union said it was contributing $32.4 million over four years for pilot projects in areas such as water, waste and heavy metal pollution, emission trading system and sustainable urbanization.
The agreement follows an announcement by the European Commission that it started a 15-month investigation to determine the extent of alleged dumping of Chinese solar energy goods into the EU market.
China exported around $26 billion worth of solar power components to the eurozone last year. Chinese-manufactured solar products account for 65 percent of the global market and dominate Europe in terms of exports.
Industry ad hoc association EU Pro Sun in July filed a complaint stating solar power components imported from China into the European market were at prices less than fair market value.