Steel companies, research centers and environmental groups in Beijing and its surrounding area have formed a new association to control air pollution.

Initiated by the Beijing Science and Technology Commission and its counterparts in Tianjin and Hebei, the association, comprising 70 such institutions in Beijing, Tianjin and Hebei, will aim to coordinate industrial upgrading and emission reduction.

One of its chiefs said the association would innovate in capital injection to tackle a lack of funding.

Financial institutions plan to offer as much as 30 billion yuan (4.9 billion U.S. dollars) in loans to cut emissions in Beijing and the surrounding area, said the chief, who requested anonymity.