Long-term, ambitious climate goals boost green finance: China's top climate envoy
13 December 2017 – China’s practice in recent years shows that establishing long-term, effective and ambitious goals to reduce greenhouse gas emissions can attract more capital and technology from all sectors to engage in developing a green economy, Xie Zhenhua, China’s special representative on climate change, said here on Tuesday. To reach the INDCs, it will require a total investment of 41 trillion yuan (6.2 trillion U.S. dollars) based on 2010 prices, and create 69 million jobs, which signals a clear direction for the flows of capital and technology from all sectors. The envoy underlined that to realize the goals, governments must launch corresponding public policies in pricing, taxation and finance to facilitate the low-carbon development. He gave the example of the Chinese government’s investment of US$1 billion in improving energy efficiency in 2016, which convinced public and the private sector to invest into the field.
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