CHINA CARBON NEUTRALITY: 2060

CD - 2020-11-11 - Climate change is one of the most serious global challenges facing humankind. And although different countries have suffered to different extents the effects of climate change－such as forest fires, tsunami, droughts, cyclones, and melting glaciers and drying water bodies－the challenge can be overcome only through international cooperation, not by one country or a tiny group of countries.

In this regard, China and the European Union have made some of the most ambitious commitments

The communiqué released after the conclusion of the Fifth Plenary Session of the 19th Communist Party of China Central Committee in late October has vowed to promote green development, strengthen the sustainable development strategy, accelerate the building of a low-carbon economy, improve resource utilization and expedite the transformation of the energy system, in order to build an ecological civilization.

Moreover, addressing the 75th session of the United Nations General Assembly in late September, President Xi Jinping said China's carbon emission will peak by 2030 and it will attain carbon neutrality by 2060, and thus make a huge contribution to the global fight against climate change.

As for the EU, the bloc has exhibited its most progressive and ambitious side in combating climate change. In September, European Commission President Ursula von der Leyen, in her first "State of Union" speech since taking office on December 2020, said the EU will increase the 2030 target for emission reduction to 55 percent from the current 40 percent, which would put it on track for its climate neutrality goal and help it meet its Paris Agreement obligations amid the COVID-19 pandemic.

On the economic front, the EU has said green transition will be one of its two major focus areas during the post-pandemic period－the other being digital transition－with 37 percent of "Recovery Fund" to be spent directly on European Green Deal objectives.

The world is facing a grave public health crisis, a serious economic crisis and a critical climate crisis, which are interconnected and can be addressed only if all countries work together. And low-carbon and sustainable development will not only add momentum to the post-pandemic economic recovery but also help resolve the contradictions of globalization-induced economic development and its negative effects on the environment and society as a whole.

International organizations such as the International Energy Agency, International Renewable Energy Agency, World Bank and the International Monetary Fund have urged countries and enterprises to seize the opportunity offered by green transition. If the policies of all major countries focus more on green development, the world economy will be able to tap the huge investment and employment potential.

In fact, the EU is likely to push a series of economic and energy initiatives based on the European Green Deal framework so as to meet its long-term climate target. Von der Leyen listed several new green transformation plans in her speech, including European Hydrogen Valleys, new "European Bauhaus" and issuance of EU-level green bonds. That the architecture modernization plan "European Bauhaus" was released just a few days after Von der Leyen's speech shows the EU intends to widen and intensify its fight against climate change.

Besides, the EU-China green development cooperation has huge potential. The two sides are the strongest upholders of the Paris Agreement and have made concerted efforts to fulfill their commitments. In September, European Council President Charles Michel, German Chancellor Angela Merkel and Chinese President Xi Jinping held a meeting via video link, and both sides vowed to make more efforts to deepen cooperation on climate change governance and establish a high-level dialogue mechanism on climate change.

The two sides are also likely to intensify efforts to build a political consensus on climate change and deepen cooperation on new renewable energy technology, green finance and clean energy. Let's hope China-EU climate cooperation will inject more positive energy into the global fight against climate change and help build an environmentally friendly society.

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