CAI MENG/CHINA DAILY
Estimates say China will need to invest hundreds of trillions of yuan in low-carbon projects in order to achieve carbon neutrality, underlining the need for green finance development
In his speech at the general debate of the 75th session of the United Nations General Assembly on Sept 22, 2020, President Xi Jinping pledged that China will strive to peak its carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060. To achieve this goal, China needs to speed up large-scale decarbonization in the electricity, transport, construction and industrial sectors.
To realize carbon neutrality, China must dramatically cut production and consumption of and investment in carbon-intensive products/projects, especially those related to coal. At the same time, China needs to mobilize hundreds of trillions of yuan for low-carbon investments in the coming decades, in areas such as renewable energy, green transportation, green buildings, low-carbon manuf