"China Needs 2,440 Trillion Won Investment to Achieve Carbon Neutrality by 2060"

Vice Chairman Zhang Shaogang of China Council for the Promotion of International Trade (CCPIT) Claims

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Park Byung-hee] A senior Chinese government official stated that China needs to invest approximately 136 trillion yuan (about 2,439.1 trillion won) to achieve 'carbon neutrality' by 2060.

According to China Central Television (CCTV) on the 6th, Zhang Shaogang, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), a Chinese foreign trade and investment support organization, said this at the 'Carbon Neutral Economic Development Forum' held yesterday in Beijing during the International Trade in Services Conference. He noted that 90% of China's greenhouse gas emissions come from key industries such as energy, construction, and transportation, and stated, "To achieve carbon neutrality, China must accomplish the largest carbon reduction in human history."

Carbon neutrality refers to making the net carbon emissions effectively '0' by offsetting greenhouse gas emissions through renewable energy generation and other means. China has set a goal to peak carbon emissions by 2030 and achieve carbon neutrality by 2060.

Vice Chairman Zhang said, "Since 60% of the technologies supporting carbon neutrality are still at the conceptual stage, large-scale capital investment and support for basic research are necessary." He also pointed out the need to attract substantial social capital beyond government funding and to rely more on the market.

According to the private research institute Rhodium Group, China emitted 27% of the world's greenhouse gases in 2019, about 2.5 times more than the United States (11%), which is the second-largest emitter.

Meanwhile, the Hong Kong media South China Morning Post (SCMP) reported last week that John Kerry, the U.S. Special Presidential Envoy for Climate, visited Tianjin, China, and held high-level talks between the U.S. and China, but it is observed that no agreement was reached.

An anonymous source familiar with the negotiations said, "The U.S. demanded more commitments before the November United Nations Climate Change Conference of the Parties (COP26), but China refused," adding, "China said it would follow its own plans rather than succumb to U.S. pressure."

This content was produced with the assistance of AI translation services.