If China hopes to make good on the promise that its carbon emissions will peak by 2030 and it will achieve net zero or carbon neutrality by 2060, then it’s going to need to attract private capital to finance green investments – and quickly. Its ambitions require an estimated $1 trillion annual spend and only 10% to 15% of this will be met by the Chinese government.
The nation finds itself in an entirely different position to Europe, where the growth in green finance has been driven by investor demand and the government response – in the form of regulation and a taxonomy – has followed.
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