The US$1 billion Green Star Fund, jointly raised by US Sycamore Ventures and the China Association of Resource Comprehensive Utilization, will invest in a clean technology project in Shanghai’s Knowledge and Innovation Community (KIC), China Business News reported. KIC is based in the city’s Yangpu district. The size of the investment was not disclosed. The Green Star Fund is one of the largest of its kind worldwide and the first committed to energy conservation and emission reduction in China. Under the plan, 60-80% of the fund will be invested in the country. Chen Zhiyun, a Green Star Fund board partner, said China has the world’s largest clean technology market, the fastest growing renewable energy sector, one of the world’s biggest solar power sectors – accounting for 14% of the world’s total – and great potential in its wastewater treatment and biotechnological power generation markets. “China attracted US$570 million worth of foreign capital for clean energy last year,” Chen said. “The figure is expected to exceed US$700 million this year.” The latest Global Wealth Report jointly released by Merrill Lynch and Capgemini shows investment in clean technology amounted to US$117 billion worldwide in 2007, 41% more than in 2005.