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Health & Environment

China report says $330 billion more to do fair share on climate; Official stance is developed nations must bear responsibility


China Pollution

China Pollution

China must increase spending on emission cuts and clean technologies by 2 trillion yuan ($330 billion) to do its fair share to halt climate change, a report by Beijing’s Central University of Finance and Economics said.

It urged the government to raise money from carbon markets to fund investments.

The report’s conclusion contrasted with China’s official policy that the main responsibility for ramping up action against climate change rests with developed nations.

China, the world’s biggest-emitting nation, has already pledged to spend 520 billion yuan to help prevent global temperatures from rising more than 2C, according to Chen Bo, co-author of the report.

But that is only a fifth of what is needed if China – trailing only the United States on the list of history’s biggest carbon emitters – is to shoulder a proportionate burden in global efforts to stop climate change, the report said.

The main responsibility for ratcheting up the extra funds should fall on the government, it said.

“Public funding is essential to address climate change problems, and without a clear signal on CO2 emissions, mitigation projects are not financially attractive to investors,” said the report.

It called on the government to use carbon markets to auction CO2 permits to help raise climate revenue.

Over the past seven months, five regional pilot trading schemes have launched in China, with plans to roll out a national market later in the decade.

One of those markets, southern Guangdong, auctions 29 million permits annually to participating firms, but the revenue is not earmarked for climate change spending.

The report, which has been submitted to the State Council, China’s cabinet, said the state-owned China Development Bank should set up a green investment department to stimulate private and public investment in climate-related projects.

It further urged the financial market to develop products and mechanisms to draw further funds.

Source: Reuters “China must spend $330 billion more to do fair share on climate – report”
 
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About chankaiyee2

Author of the book "Tiananmen's Tremendous Achievements" about how with the help of Tiananmen Protests, talented scholars with moral integrity seized power in the Party and state and brought prosperity to China. The second edition of the book will be published within a few days to mark the 25th anniversary of Tiananmen Protests All the parts in the first edition remain in the second edition with a few changes due to information available later and better understanding. There are also some changes for improvements of style. The new parts are Chapters 12-19 on events in China after the first edition was published: The fierce power struggle for succession between reformists and conservatives; Xi Jinping winning all elders’ support during his mysterious disappearance for 2 weeks in early September, 2012; and Xi Jinping Cyclone. Chan Kai Yee's new book: SPACE ERA STRATEGY: The Way China Beats The US An eye-opening book that tells the truth how the US is losing to China. The US is losing as it adopts the outdated strategy of Air-Sea Battle while China adopts the space era strategy to pursue integrated space and air capabilities: It is losing due to its diplomacy that has given rise to Russian-Chinese alliance. US outdated strategy has enabled China to catch up and surpass the US in key weapons: Hypersonic weapons (HGV) that Pentagon regards as the weapon that will dominate the world in the future. Aerospaceplane in China’s development of space-air bomber that can engage enemy anywhere in the world within an hour and destroy an entire aircraft carrier battle group within minutes. Anti-satellite (ASAT) weapons, anti-ASAT weapons, stealth aircrafts, drones, AEW&C, etc. The book gives detailed descriptions of China’s weapon development based on information mainly from Chinese sources that the author monitors closely. U.S. Must Not Be Beaten by China! China is not a democracy. Its political system cannot prevent the emergence of a despotic leader or stop such a leader when he begins to bring disasters to people. A few decades ago, Mao Zedong, the worst tyrant in world history did emerge and bring disasters to Chinese people. He wanted to fight a nuclear war to replace capitalism with communism but could not bring nuclear holocaust to world people as China was too weak and poor at that time. If a despot like Mao Zedong emerges when China has surpassed the US in military strength, world people will suffer the misery experienced by Chinese people in Mao era. China surpassing the US in GDP is not something to worry about as China has the heavy burden to satisfy its huge population, but China surpassing the US in military strength will be world people’s greatest concern if China remains an autocracy. US people are of much better quality than Chinese people. What they lack is a wise leader to adopt the correct strategy and diplomacy and the creative ways to use its resources in developing its military capabilities. I hope that with the emergence of a great leader, the US can put an end to its decline and remain number one in the world. China, US, space era strategy, air-sea battle, space-air bomber, arms race, weapon development, chan kai yee

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  1. Pingback: China refuses carbon emissions reductions, unless western countries pay for it | China Daily Mail - September 25, 2014

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