Trillions of dollars expected for China's green push, carbon prices 'cap' the biggest challenge
Situated in the center of Beijing, SinoCarbon Innovation and Investment is one of the very first companies to bet on the takeoff of China's carbon trading market.
Set up around 10 years ago, it now offers a range of carbon emissions consultation services to businesses and local governments.
Qian Guoqiang, deputy general manager of SinoCarbon, is a veteran in climate change issues. He says a mindset shift has already taken place across China. His staff had to work around the clock over the past year as their business has been booming.
The trading platform so far covers China's power industry, which emits more than four billion tonnes of carbon dioxide each year. That makes the carbon market worth over 280 billion yuan, or about 43 billion US dollars, exceeding the European Union to become the largest one in the world.
Economists say a market-oriented pricing mechanism will push companies to become innovative in reducing energy consumption and adjust their investment strategies. The entire green push is forecast to cost China trillions of dollars.
To mobilize so much capital requires China's financial institutions to step up and is expected to ultimately help build a more mature and sound financial market.
Currently China's carbon per tonne is priced at around 10 US dollars, while that in the EU is more than $68 dollars. Despite of the huge difference, Qian is hopeful of a potential link between these two markets. But he cautions that there are challenge.
International economists have indicated that carbon should be priced somewhere between 50 to 100 dollars by 2030, if markets and prices were to have any impact on behavior.
Powered by Shanghai Media Group, ShanghaiEye focuses on producing top-quality content for Facebook, Twitter, Instagram and Youtube.
■ What's up today in Shanghai, the most updated news of the city
■ Amazing Shanghai, exploring the unknown corners of the city, learning the people, food and stories behind them
■ What Chinese people's lives are like during the post COVID-19 period
■ Views of foreign scholars on China and its affairs
■ Foreign faces in Shanghai, people living in this city sharing their true feelings
■ Mini-docs showing why China is the country it is today
☎Leave us messages if you have any suggestions or questions!
Видео «Trillions of dollars expected for China's green push, carbon prices 'cap' the biggest challenge» опубликовано в категории «Технологии». Продолжительность: 3 мин. 2 сек.