South China Morning Post: China Faces US$6.5 Trillion Green Financing Gap To Reach 2060 Net Zero

China will need to raise about 140 trillion yuan from green bonds and other environmentally friendly funding tools to become carbon neutral by 2060, but will fall short by 44 trillion yuan, said the report published by the World Economic Forum (WEF) and consulting company Oliver Wyman.

This means it needs to fill a funding gap of 1.1 trillion yuan each year between 2020 and 2060 in the financing of green innovative technologies across all sectors including electricity, steel, mobility and construction, said the report.

“China’s net-zero commitment will require a revolutionary transformation of its economy driven by the widespread adoption of green technologies, all of which will require enormous investment,” said Qian Hang, a partner at Oliver Wyman in a statement. “China’s unique economic model will shape this transition.”

Read the full article on: South China Morning Post (paywall)