Focusing on China’s commitment to reaching its peak carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060, participants at the Forum’s Economic Summit discussed opportunities and successful experiences in this field.
Jean-Pascal Trequire, Chairman and CEO of Schneider Electric, said that China’s plan to achieve carbon neutrality by 2060, based on a desire to reach peak carbon emissions early, was probably “one of the greatest news in 2020 to combat climate change.” “.
He added that Schneider Electric is ready to work with Chinese partners to improve industrial facilities’ efficiency and reduce energy consumption and emissions with the help of digitalization.
Expressing his belief that China will be able to reach its peak carbon emissions at an early date, Nicholas Stern, a professor at the London School of Economics and Political Science, recommended that the country take a series of measures such as stopping investment in the coal industry, developing new energy sources, using recyclable energy, and introducing Improvements in transportation and land.
Mark Cotivani, CEO of Anglo American Plc, said his company is looking forward to working with China in the area of reducing car emissions by providing minerals for the production of electric vehicle batteries as well as providing environmentally friendly chemical fertilizers to reduce pollution and emissions in the Chinese agricultural sector. .
China has already come a long way in its drive towards green development, with progress on the commercial and societal levels towards green and sustainable development.
Kevin Snyder, McKinsey & Company’s global managing partner, said the country has made progress against the threat of climate change, noting that China accounted for nearly a third of the total global investment in renewable energy in 2018 and includes more than 95 percent of the world’s electric bus fleet in addition to To nearly half of all pure electric passenger vehicles.
He added that the number of research papers published by China in the field of green and sustainable science and technology has more than doubled since 2016, reaching a total of 30,000 papers during the last decade.
Pioneering measures have also been taken by domestic and foreign companies to drive the development of low carbon business in the country. For example, Shandong Weiqiao Group Pioneering Group Co., Ltd., a giant Chinese private textile and aluminum company, increased the use of hydroelectric and solar energy in production to reduce coal consumption and invested in aluminum recycling, cars and home appliances.
In 2020, the company’s brewery in southwest China’s Sichuan Province became the first brewery in the country to rely 100 percent on renewable electric energy, joining him afterwards, said Carlos Britto, global CEO of the world’s leading beer company ABBEV. Two breweries are elsewhere in the country this year.
“We believe we have a role that we should play to support China in achieving its carbon neutrality goals and promoting high-quality green development through innovation,” he added.
Xu Yin Biao, chairman of the Board of Directors of China’s Huaneng Group, one of the major state-owned electricity companies, said that he expects China’s consumption of non-fossil fuels to represent 83 percent of the total by 2060, while electricity consumption will account for 70 percent.
China has made efforts to promote green development through market-oriented policy incentives, such as establishing national funds to support projects and key areas and encouraging financial institutions to provide green loans for low-carbon projects at preferential interest rates.
Zhang Li, founder and chairman of Hill House Capital, said that carbon neutrality will be the birthplace of many new engines of economic growth, driving high-quality employment, innovation opportunities and economic competitiveness, in addition to other benefits in economic and social development.
“It is the best time to invest in green stocks,” Zhang told the forum.
In an interview with Xinhua on the sidelines of the forum, Jack Chan, Chairman of the Board of Directors of EY China, said that China, as a pioneer in green finance, has developed multi-level products and established a multi-layered market system in this field.
He added that the standards of green financing products in China are increasing in line with international standards, expressing his aspirations that the country’s standardization of products and its transparency of information will attract more local and foreign investors to this green industry.