A coal processing plant in Hejin in central China's Shanxi Province. Photo: AP

Topic

China’s carbon neutral goali

China’s President Xi Jinping pulled a surprise in September 2020 when he pledged at the United Nations General Assembly for the world’s largest emitter of greenhouse gases to reach carbon neutrality by 2060, becoming the second major economic entity to put a date on the goal. This topic covers all the news, analysis, commentary and explainers related to the goal.

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  • It is inevitable that we will crash through 1.5 degrees Celsius, probably within 10 to 15 years, director of Potsdam Institute for Climate Impact Research says
  • Asia has a particular opportunity as far as innovation in green technologies is concerned and could show the way for a global economy of the future
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The nation’s largest oil and gas producer says it is on track to peak carbon emissions next year and double the contribution of low-carbon energy to its output capacity over two years, top leaders say.

Reaching 160km/h (99mph) in a trial run, China’s new hydrogen-powered train is touted as a cleaner transport option as the nation strives to peak emissions by 2030.

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With the world facing a US$4 trillion green investment gap a year, transition finance will grow in importance because of regulatory support in Asia, experts say.

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China’s 2025 decarbonisation goals are in danger of veering off track after policymakers redefined a key energy target that could drive emissions higher, climate experts warn.

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‘Modest adjustments’ to plans for use of electric arc furnaces versus coal-fired furnaces would accelerate emissions cuts, US think tank Global Energy Monitor says.

Confidence is eroding, as the percentage of executives predicting net zero by 2060 instead of 2050 rises to 62 per cent from 54 per cent a year ago.

The government should further open the local environment-protection market to attract investment from Greater Bay Area companies, says a vice-president at the Hong Kong-listed company.

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The number of sustainability funds has tripled since the world’s largest emitter of greenhouse gases pledged to peak emissions by 2030 and reach carbon neutrality by 2060, with local asset managers seizing opportunities arising from the green transition, Morningstar says.

CLP will source more nuclear energy from China’s Guangdong province to feed its power grid and sees business opportunities in decarbonisation as it phases out coal-based assets.

Such guidance will make it ‘a lot easier for banks to figure out what to do and what not to do’, expert says at Climate Business Forum, although profusion of guidance may cause confusion in the short term.

Hong Kong launched a week-long series of sustainability-themed discussions, exhibitions and events as the city pushes its plan to transform itself into a centre for both green technology and green finance solutions.

The battery industry is in the middle or late stage of a market clearing and is expected to break even and turn profitable next year, according to Sealand Securities.

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The industry’s battle with overcapacity may be drawing to a close after years of bruising price wars and rapid capacity build-up plunged half the players into the red and forced many out of business, analysts say.

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China is at risk of missing its climate targets and suffering major economic losses unless it takes decisive actions to put a halt to runaway coal power plant expansion and reform outdated power grid management, says Centre for Research on Energy and Clean Air.

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Under the EU Carbon Border Adjustment Mechanism a tax of 6 per cent will be levied on steel in 2026, which will rise to as much as 21 per cent in 2034, Goldman estimates. It is part of the EU’s plan to level the field for domestic producers.

China lacks both an adequate supply and a pipeline of finance professionals with expertise in environmental, social and governance issues, organisation says.

Mainland China’s three main stock markets have released their first guidelines for listed companies to disclose their sustainability-related information, a landmark in the country’s progress towards achieving a sustainable economy and embracing the global environmental, social and governance (ESG) boom.

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The State Council has released an interim regulation that strengthens state control and cracks down on emissions data fabrication, to be effective from May 1.

Hong Kong will play host to a green and sustainable finance training event in June for several hundred policymakers, regulators and finance professionals in dozens of developing nations.

China’s installed capacity for wind and solar energy will exceed that of coal for the first time by the end of this year as Beijing remains on track towards sourcing 80 per cent of its energy needs from non-fossil fuel sources by 2060, when the world’s second-biggest economy plans to be carbon-neutral.

Drilling finds what looks to be the foundation for a new oil-and-gas resource base in a central region, and it should help the world’s biggest industrial producer reduce its reliance on oil imports.

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A Hong Kong business group promoting environmental sustainability has joined flagship airline Cathay Pacific and 11 other partners to push for greater adoption of sustainable aviation fuel.

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China could see robust growth in catastrophe bonds, or cat bonds, as policymakers seek more financial tools to share the risks from losses from natural disasters, as climate change increases their frequency and severity.

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