A group of financial institutions and investors have formed a partnership, called the Catalytic Finance Initiative, to invest up to US$8 billion in "high-impact sustainable investments". The partners include AllianceBernstein, Babson Capital Management, Credit Agricole, European Investment Bank, HSBC and International Finance Corp. Investments will be in clean energy and similar projects. Top executives at China's Big Four banks had their pay cut in half last year - losing between 500,000 yuan and 600,000 yuan, reports Chinese news service Caixin Online. The cuts are part of central government efforts to address growing public dissatisfaction over what many see as excessively high salaries for bosses at state-owned institutions, particularly large banks and powerful companies. The Politburo, the Communist Party's 25-member decision-making body, decreed that top executives at large state-owned businesses, including ICBC and Agricultural Bank of China, should have their pay cut by about 60 per cent and capped at below 900,000 yuan in 2015.