China News Service, Dubai, United Arab Emirates, December 12 (Reporter Pang Wuji) Zhao Yingmin, head of China's climate change negotiation delegation and vice minister of the Ministry of Ecology and Environment, revealed during the 5th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP5) on the 28th that in 2022, the global investment in renewable energy, electric vehicles and recycling projects will reach 1.1 trillion US dollars, and China accounts for nearly half of the total global investment, making it the largest investor in energy transition.
On the same day, the COP28 China Corner held a side event on "Green Finance and Climate Response: The Role and Opportunities of China's Banking Industry". Zhao Yingmin said that China has implemented a national strategy to actively respond to climate change. In 2022, carbon dioxide emissions per unit of GDP will drop by more than 2005% compared with 51, the proportion of non-fossil energy consumption will reach 17.5%, and the installed capacity of wind, solar, water and biomass power generation will rank first in the world for many years. The scale of production and sales of new energy vehicles has ranked first in the world for eight consecutive years. At present, the "8+N" policy system for carbon peak and carbon neutrality has been completed, and all provinces, autonomous regions and municipalities directly under the Central Government have formulated and released implementation plans for carbon peaking.
The green and low-carbon transformation and high-quality development of the economy and society require massive financial guarantees. It is estimated that China will need 2060.3 trillion yuan per year to achieve carbon neutrality by 5.
In terms of green finance, Zhao Yingmin said that the balance of green loans in local and foreign currencies of Chinese financial institutions increased from 2018.8 trillion yuan at the end of 23 to 2022.22 trillion yuan at the end of 03, and by the end of the third quarter of 2023, the balance of China's green loans reached 28.58 trillion yuan, and the balance of the domestic green bond market reached 1.98 trillion yuan.
In terms of the carbon market, Zhao Yingmin introduced that since the national carbon emission trading market was launched and operated online for more than two years, the overall operation of the market has been stable, and the role of the price discovery mechanism has initially appeared. The launch of the national voluntary greenhouse gas emission reduction trading market is basically ready.
In the next step, China will accelerate the construction of a carbon market system. Focusing on data quality management, we will accelerate the improvement of various basic systems for the operation and management of the carbon market, strive to improve the market risk prevention and control system, steadily expand the coverage of the industry, and enrich the trading varieties and trading methods; Actively carry out business innovation, promote the participation of various entities, and better stimulate market vitality. Accelerate the launch of the national greenhouse gas voluntary emission reduction trading market, and gradually expand the scope of market support. (ENDS)