China is halting the rise in CO2 emissions before 2030 and going carbon neutral before 2060. It's not the only country to declare the target within the time frame, but it's the most important country to do so, said Jin Liqun, @AIIB_Official president, at the 2nd Bund Summit. 1/6
China's noble ambition is commendable, but the challenge is daunting. The government will have to work with the private sector to mobilize resources to finance renewable energy. 2/6
Monetary and fiscal policies should be designed and implemented in a way which should be amenable to R&D and the production of non-fossil energy. Financial institutions should be encouraged to provide financing for non-renewable energy projects. 3/6
The Chinese society should work in unison. Corporations need clear plans and regularly check of progress. Huge investments are needed to support financial institutions to assess the carbon impact of investments and shift resources from climate laggard to climate leading firms.4/6
Incentives inside financial firms and nonfinancial corporations must reflect the net-zero objectives. Financial institutions, be they state-owned or private, should focus their financial resources on supporting renewable energy rather coal. 5/6
Multilateral development banks can ramp up their efforts to leverage their capital and clout to reduce risk, promote technology and accelerate policy change.
cf40.com/en/news_detail… 6/6
cf40.com/en/news_detail… 6/6
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