Written By: Emma Websdale
To help curb climate change, China must spend an additional 2 trillion yuan (US$330 billion) on emission cuts and clean technologies, a new report has said.
Currently China, the world’s biggest carbon-emitting nation, is spending 520 billion yuan on climate-action efforts. The country would have to spend five times that – an additional 2 trillion yuan, to mitigate its climate impact.
The report, which has been submitted to the Chinese State Council, urges the government to increase spending on climate action by expanding carbon markets (auctioning carbon -dioxide permits). So far, the country has introduced five regional pilot trading schemes.
The report also urges the government to increase its fund and public investments.
“Public funding is essential to address climate change problems, and without a clear signal on [carbon] emissions, mitigation projects are not financially attractive to investors”, says the report.
To stimulate private and public investment in climate-action projects, the report suggests that state-owned China Development Bank should set up a green investment department. Meanwhile, the report also urges financial markets to develop products and services that will draw in further funds.
According to a new study published in the journal Nature Communications, Asia’s – and in particular, China’s, growing air pollution is affecting weather and climate patterns worldwide.
Researchers have found that Asia’s emissions, reaching as high as six miles into the atmosphere, have had an impact on cloud formation and weather patterns, making cyclones and storms stronger around the globe.