China and the World under the Goals of Carbon Peaking and Carbon Neutrality: Green and Low-Carbon Transition, Green Finance, Carbon Market, and Carbon Border Adjustment Mechanism

Abstract

China has always tried to maintain multilateralism and advocated working together to deal with global climate change through multilateral mechanisms. Although China’s announcement to peak its carbon emissions by 2030 comes as no surprise, its commitment to carbon neutrality does. As the period between its carbon peaking and carbon neutrality is far shorter than that in the developed countries, China’s economic and energy structures need to be adjusted toward the low-carbon and carbon-free end with unprecedented efforts. To that end, China should define the responsibilities of local authorities and industrial entities to promote the orderly accomplishment of carbon peaking in all regions and industries. To supply the huge investments needed to achieve the goals of carbon peaking and carbon neutrality, China has an urgent need to accelerate the development of green finance and a national carbon emissions trading market, guide the rational allocation of resources, and channel resources to eco-friendly projects for green and low-carbon development. At the same time, China and the international community should strengthen dialogue and coordination, promote international cooperation on the way to carbon neutrality, formulate widely acceptable policy guidelines as soon as possible, and avoid unilateral measures that may cause conflicts.

Keywords

carbon peaking, carbon neutrality, carbon market, green and low carbon transition, carbon border adjustment mechanism

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