Xi Jinping "Establishing a 270 Billion Biodiversity Fund to Support Developing Countries"

[Image source=Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] Chinese President Xi Jinping announced that he will provide 1.5 billion yuan (approximately 270 billion KRW) to protect biodiversity in developing countries.

President Xi made this statement during a virtual speech at the 15th Meeting of the Parties to the United Nations Convention on Biological Diversity (UNCBD) held on the 12th in Kunming, Yunnan Province.

President Xi said, "We will establish the Kunming Biodiversity Fund with a scale of 1.5 billion yuan to support biodiversity protection projects in developing countries," and added, "We hope other countries will also contribute to this fund."

He continued, "The COVID-19 pandemic has cast a dark shadow over global development, posing significant challenges to the UN's sustainable development agenda," emphasizing, "Developing countries face the dual tasks of economic development and environmental protection and require more assistance and support."

President Xi also clearly stated his intention to promote industrial and energy restructuring to achieve carbon peak and carbon neutrality goals.

He emphasized, "To realize the carbon peak and carbon neutrality goals, we will announce implementation plans and guarantee measures for carbon peaking in key sectors," and added, "We will establish a 1+N policy system for carbon peak and carbon neutrality."

China announced last September its goal to reach peak carbon emissions by 2030 and achieve carbon neutrality before 2060.

President Xi introduced, "China will continuously promote industrial and energy restructuring and devote full efforts to developing the renewable energy sector," adding, "We are promoting the construction of wind and solar power facilities in desert areas, and recently launched the first project with an installed capacity of about 100 million kW (kilowatts)."

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