CNBC: China’s Climate Push Could Spawn New Global Players
October 03, 2022
Two years ago, China formally announced the world’s second largest economy would strive for peak carbon emissions in 2030, and carbon neutrality in 2060.
In practice, some $22 trillion are required to achieve China’s ambitious carbon goals, according to a report from the World Economic Forum and Oliver Wyman.
“To achieve its ambitious carbon peak and carbon neutrality goals, China needs to close an annual funding gap of about RMB1.1 trillion ($170 billion),” the summer report pointed out. “It can only do so if it manages to develop far more sophisticated green financing schemes.”
And if Chinese companies want to play a role in global efforts to reach environment goals, some differences between local standards need to be resolved with international ones, said Kelly Tian, financial services-focused principal at Oliver Wyman.
Read the full article on: CNBC.com