The Chinese delegation played an important role in the success of the conference not only through its participation in negotiations and discussions, but also by organizing a series of activities on the sidelines. These included seminars to share China's experience in combating climate change and events calling on all parties to uphold multilateralism and ensure no regression in actions based on the Paris Agreement under the principle of "common but differentiated responsibilities." 

Chinese representatives at the conference affirmed that China remains committed to advancing the multilateral climate change process and enhancing cooperation with all parties. China will continue to implement its national climate response strategy, work toward its goal of peaking carbon emissions before 2030 and achieving carbon neutrality before 2060, engage in extensive South-South cooperation on climate change, and provide assistance to other developing countries to the best of its ability. These efforts are essential to global green, low-carbon, climate-resilient and sustainable development.

As of October 2024, China had signed 53 memorandums of understanding on South-South climate change cooperation with 42 developing countries, and had launched nearly 100 international projects on climate change mitigation and adaptation. It had also implemented over 300 overseas capacity-building projects related to climate change, offering training opportunities to more than 10,000 participants from over 120 developing countries.

Carbon reduction 

The annual climate event is crucial for promoting joint action against global warming. As a key actor in addressing climate change, China has made significant contributions to energy conservation and carbon reduction efforts worldwide.

China was one of the first signatories to the United Nations Framework Convention on Climate Change and also one of the first to sign and ratify the Paris Agreement. The actions it is taking as part of these and other commitments are having many positive impacts. China has established the largest and most comprehensive green energy industry system in the world. Wind and solar power infrastructure is in place across most parts of the country, and China leads the world in the production and sale of new-energy vehicles. In July, China became the only country in the world to have produced 10 million electric vehicles in a single year.

Under its green and low-carbon policies, China's carbon emission intensity, carbon dioxide emissions per unit of GDP, has been continuously declining. In 2023, the share of non-fossil fuels in China's total energy consumption reached 17.9 percent, and the proportion derived from coal dropped from 67.4 percent in 2013 to 55.3 percent. In the same year, the country's forest stock volume reached 19.493 billion cubic meters, an increase of 6.5 billion cubic meters over 2005. By the end of July, the total installed capacity of wind and solar power had hit 1.206 billion kw, 2.25 times the level at the end of 2020 and achieving its 2030 target more than six years ahead of schedule.

China maintains a leading position in technological progress and application for renewable energy. It accounts for over 50 percent of global investment in solar and wind energy sectors. Over the past decade, Made-in-China products have contributed to an almost 90-percent reduction to the global cost of solar power generation, which now approaches that of coal-fired power. Meanwhile, offshore and onshore wind energy costs have decreased by 73 percent and 57 percent, respectively. In 2023, the wind turbines and solar panels exported by China helped the rest of the world reduce carbon emissions by 810 million tons.

Green finance 

Funding has been a persistent headache in the global fight against climate change and reaching consensus on a new collective quantified goal for climate finance at COP29 was no easy feat. The new goal is for developed countries to triple climate finance to developing countries, from the previous goal of $100 billion annually, set in 2009, to $300 billion annually by 2035. The conference also agreed on mobilizing at least $1.3 trillion annually from public and private sources for developing countries by 2035.

China calls on developed countries to fulfill their obligations and responsibilities in providing financial support for climate action by developing countries. In China, investment in green development continues to gain momentum from the robust development of green finance. Defined as any type of financing option that promotes sustainable initiatives or environment-friendly projects, green finance channels more financial and social capital into green and low-carbon industries, thus reducing their reliance on government fiscal input.

In 2016, the People's Bank of China (PBC), the country's central bank, together with the Ministry of Finance and five other departments, issued a set of guidelines on the building of a green finance system. The system's top-level design and policy framework, as well as the criteria for eligible projects, are becoming more developed. In October this year, the PBC, the Ministry of Ecology and Environment, the National Financial Regulatory Administration and the China Securities Regulatory Commission jointly issued a document on green finance, which put forward 19 measures to increase financial support in key areas with the aim of supporting environmental progress, advancing low-carbon development and promoting the Beautiful China initiative, a blueprint for China's green transition.

In developing green finance, financial institutions, through innovative practices such as green supply chain financial products, help improve the efficiency of fund utilization and sustainability of the entire industry chain.

Green loans, a key component of green finance, enable businesses to access funds at lower costs, supporting their green technology innovation and application, and enhancing their competitiveness in the green economy.

The growth of green loans has contributed to China's sustainable economic growth. On the whole, environmental projects, such as those aimed at renewable energy and energy conservation, help reduce negative environmental impacts and promote the de-carbonization of economic and social life. Specifically, availability of green loans is raising environmental awareness among businesses.

According to the latest data released by the PBC, by the end of the third quarter of this year, China's outstanding green loans had exceeded 35 trillion yuan ($5 trillion), a year-on-year increase of 25.1 percent.

The impacts of global climate change are intensifying, posing one of the most severe challenges facing human society today. The possible solution requires global action, as no single country can tackle this crisis alone. Only by upholding multilateralism and mutually beneficial cooperation can the world address this global challenge. In this sense, the balanced outcome from COP29 is laudable.

Copyedited by G.P. Wilson 

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