Vowing to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060, China has made solid progress in the areas of green technology and green finance in support of this great undertaking. 

With China on track to achieving its net-zero carbon pledges, new green business opportunities are entering the playing field. Data show that the country ranks first globally in terms of newly installed wind power capacity and is also a global leader in the production and use of solar energy and hydropower. 

To reduce the high concentration of coal-based emissions, China has made a concerted effort to adjust its industrial structure. In 2018, the national environmental authorities introduced an action plan that requires 480 million tons of carbon capacity from steel production to meet "ultra-low emission" standards by 2020.

Additionally, the country introduced policies to reduce household reliance on coal. In 2017, the Ministry of Ecology and Environment guided four northern and central provinces to provide subsidies to over 3 million families to install electric or gas heaters in replacement of coal-burning stoves.

Other changes that will further reduce China's carbon dioxide emissions include encouraging the purchase of new electric vehicles (NEVs) and setting limits on fuel consumption for new vehicles. NEV sales in China rose by 10.9 percent year on year to 1.37 million units in 2020 amid government efforts to promote their use and ease environmental pressures.

With the 5G network infrastructure, high-speed railways and investments in clean energy, China's role as a forward-thinking advancer and implementer of technology will be further cemented.

This is an edited excerpt of an article originally published in Outlook on June 14  

(Print Edition Title: Net-Zero Carbon Goals)