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China is aiming to halt the rise in its carbon dioxide emissions before 2030 and to achieve carbon neutrality before 2060. The ambition will set China, in less than 40 years, from being the world’s largest CO2 emitter to bringing its emissions into balance.
China is already a world leader in green finance. Recently, the People’s Bank of China has set out its goals to enhance the standards of mandatory environment information disclosure requirements for Chinese financial institutions and to establish a compulsory information disclosure system in the country. The central bank has encouraged Chinese financial institutions to advance on green product innovation, particularly on green credit and highlighted the importance of international cooperation to enhance the international community’s participation in China’s green finance policies, standards, products, and markets.
At this year’s ‘Two Sessions’ (the annual meetings of the National People’s Congress and the Chinese People’s Political Consultative Conference) which will take place in early March, China will release its 14th five-year plan, spelling out priorities for China up to 2025. It is widely expected that one of the priorities will be setting out the roadmap for achieving carbon neutrality by 2060.
This fireside chat is a timely discussion intended for UK financial institutions to hear from Dr Ma Jun, Chair of China Green Finance Committee on China’s roadmap to net zero, including policy directions outlined at Two Session and what the roles green finance will play to support the overall goal.