# National Green Development Fund

National Green Development Fund is a Sovereign Wealth Fund based in Shanghai, China.

## Overview

- **Organization type:** Sovereign Wealth Fund
- **Headquarters:** Shanghai, China
- **Region:** Asia
- **Address:** Shanghai, China
- **Founded:** 2020
- **Assets under management:** Undisclosed
- **Website:** http://ngd-fund.com
- **LinkedIn:** linkedin.com/company/national-green-development-fund-management

## Regulatory record

- **Reports private funds:** No

## About

NGDF was established in 2020 by the Chinese Ministry of Finance. It aims to direct social and private capital toward green development projects. The firm focuses on clean technology and renewable energy investments.

## Sectors

- Energy Transition & Renewables
- ClimateTech
- Infrastructure

## Questions

### What is the investment mandate of the National Green Development Fund?

NGDF invests directly, at the project level, and through fund-of-funds commitments in three areas: clean energy generation and storage, environmental pollution control and ecological restoration, and low-carbon industrial transformation. Its focus is domestically oriented, aligned with China's carbon-neutrality-by-2060 target. The fund favors large-cap, commercially proven assets and frequently co-invests alongside state-owned enterprises such as China Three Gorges Corporation (per the Ministry of Ecology and Environment, 2021).

### How large is the National Green Development Fund?

The fund launched in 2020 with RMB 88.5 billion in registered capital, equivalent to roughly $12.7 billion at prevailing exchange rates. This figure was widely reported by Chinese financial press at the time of its registration (per Caixin, 2020). Since the fund does not publish quarterly updates, its current committed or deployed capital is not publicly known.

### How is the National Green Development Fund different from China's other sovereign funds?

Most Chinese sovereign vehicles — such as CIC's CIC Capital or the State Administration of Foreign Exchange — are funded by foreign-exchange reserves or commodity revenue. NGDF is capitalized through fiscal transfers and state-bank equity, making it a direct policy-implementation arm rather than a portfolio manager of overseas assets. Its investment committee is reported to coordinate with the National Development and Reform Commission, embedding the fund into China's industrial planning apparatus.

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Last updated: 2026-06-03T20:00:00.000Z

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