Shanghai Scrambles to Reach Emissions Peak, Build Global Carbon Finance Hub
Xu Wei
DATE:  Jan 15 2021
/ SOURCE:  Yicai
Shanghai Scrambles to Reach Emissions Peak, Build Global Carbon Finance Hub Shanghai Scrambles to Reach Emissions Peak, Build Global Carbon Finance Hub

(Yicai Global) Jan. 15 -- Shanghai will promptly introduce an action plan to meet its peak emissions target after clarifying it and charting technical routes to attain it. The eastern Chinese financial hub will also strive to build itself into an international carbon financial center, Cheng Peng, director of the city’s environment watchdog, told a press conference yesterday.

Chinese President Xi Jinping pledged that China “will strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060” on Sept. 22.

Peaking carbon peak emissions refers to the annual carbon dioxide emissions of a certain region or industry reaching their highest-ever level and then steadily waning from that inflection point. The target includes the peak year and value.

Carbon neutrality means that the direct and indirect carbon dioxide emissions from human activities in a certain area within a certain period of time are offset by the carbon dioxide absorbed by afforestation and other programs, resulting in net zero emissions of the greenhouse gas.

Peaking carbon peak emissions and carbon neutrality help adjust and upgrade the industrial and energy structure, Cheng said. Shanghai can give full play to its advantages in talent and scientific and technological innovation and as an international financial center to push green development and reap investment opportunities and investment. It can also develop green finance via carbon trading, embed carbon finance into its entire financial framework, and enhance its carbon finance service functions for the country, Cheng stated.

Shanghai will better coordinate departments and fields and tie carbon emission peaking and carbon neutrality work with the 14th Five-Year Plan for energy, industry, transport and construction, Cheng stated. The city will vigorously develop and apply green low-carbon technologies and industry, hasten construction of the national carbon market and develop green finance, he added.

Editor: Ben Armour, Xiao Yi

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Keywords:   Shanghai,Peak carbon dioxide emissions,Carbon neutral