Global investors eyeing opportunities in China's green transition

BEIJING, Dec. 1 (Xinhua) -- Given China's unwavering commitment to carbon neutrality and renewable energy, global firms are eyeing potential investments that align with the country's green development drive.

At the ongoing China International Supply Chain Expo (CISCE), participants from around the world expressed optimism about China's green transition, clearly indicating their desire to capitalize on the vast opportunities the country has to offer.

Honeywell, a U.S. industrial conglomerate, is showcasing their latest technologies and solutions regarding sustainable development and green energy shift at the expo.

The CISCE is the latest platform aimed at facilitating China's establishment of a new development paradigm and promoting high-level opening-up, said William Yu, President of Honeywell China, at the expo.

"We aspire to showcase our mature solutions and innovative technologies for clean energy transition at the expo, and we will collaborate with industry partners to develop and benefit from a supply chain that is more resilient, flexible and sustainable," he said.

As China progresses toward a more sustainable and eco-friendly development path, the country has announced its commitment to peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060.

"Our company's primary focus lies on automation, future aviation and energy transition, aligning closely with the demands of the Chinese market and our Chinese clientele," Yu said. "We will cooperate with our partners to assist China in achieving its carbon reduction objectives and promote the sustainable development of the global industrial chain."

Yu noted that his company is currently constructing two projects, one in east China's Jiangsu and the other in southwest China's Sichuan, which are aimed at converting waste cooking oil into sustainable aviation fuel.

The company is also partnering with Chinese firms in sectors such as chemical engineering, electricity, cement and steel to advance the latest technologies for carbon capture, utilization and storage in China.

Keeping a keen focus on the vast business prospects in clean energy development, Jens Eskelund, chief representative of A.P. Moller-Maersk North Asia, remarked that China holds significant potential to become a leading global provider of green methanol because it boasts vast resources of bio-waste as well as abundant wind and solar resources, which are necessary for methanol production.

"We are committed to working with our friends and partners in China to accelerate and scale up the production of green methanol," he said.

Eskelund believes that within the next 12 months, vessels owned by the Danish shipping and logistics giant will be powered by green methanol produced in China. He said the company signed a large-scale agreement on green methanol with a Chinese partner earlier this month.

Official data showed that China's newly installed capacity of renewable energy reached 152 million kilowatts in 2022, accounting for 76.2 percent of the country's newly installed power generation capacity.

As the country spearheads the green energy transition globally, China-made photovoltaic modules, wind turbines, gearboxes and other key components have continued to dominate the global market, accounting for 70 percent of the world's total market share last year. China's exports of wind power and photovoltaic products helped other countries reduce emissions by approximately 573 million tonnes, according to the National Energy Administration.

"We would like to call on everyone in this room to join in the collaboration toward decarbonizing supply chains. We do believe that China will play a crucial role in this respect, not just as the largest exporting nation in the world, but also as a partner of the industry, which will provide the technical solutions and produce the fuels to enable the green transition," said Eskelund, at the CISCE.

In August this year, China's State Council issued guidelines aimed at enhancing the foreign investment environment and bolstering efforts to attract foreign investments. These guidelines detailed 24 specific measures across six key areas.

These measures include China's plan to implement policies to encourage the adoption of green energy and support more involvement of foreign-invested enterprises in green certificate trading and cross-provincial green power transactions.

Tao Lin, vice president of Tesla, noted that the new energy vehicle manufacturer from the United States has long reaped the benefits of China's opening-up policy and ongoing efforts to enhance the business environment for foreign investors.

Due to its unparalleled advantages and promising future, China, as the world's largest electric vehicle market, continues to be a "must-have" market for Tesla, Tao said.

Tesla is keen to support more Chinese suppliers in expanding their presence in the global market, while also expediting the electrification and renewable energy transition within the global automotive industry, Tao added.