China's role in global green transition draws expert praise

"China is a leader in the green economy transition," Beate Trankmann, the United Nations Development Programme's (UNDP) resident representative for China, told People's Daily Online at a forum held in Beijing on Sept. 19.

The remark was made during the East Asia Forum 2024, which focused on how China and the Asian Development Bank (ADB) can collaborate to address regional challenges, with special emphasis on promoting global and regional public goods in the ADB's developing member countries.

Participants attend the East Asia Forum 2024 in Beijing on Sept. 19, 2024. (People's Daily Online/Chang Sha)

Trankmann highlighted China's substantial investments in green transition over recent decades. "These efforts have been further reinforced by the ambitious commitments that it has made on the dual carbon goals to peak before 2030 and become carbon neutral by 2060," she said.

According to this year's government work report, in 2023, China's installed renewable energy capacity surpassed its thermal power capacity for the first time in history, and China accounted for over half of newly installed renewable energy capacity worldwide.

Trankmann emphasized nature's role in climate action, noting that "intact ecosystems are carbon sinks and help us adapt to a changing climate." She praised China's biodiversity protection efforts, including expanding protected areas and establishing national parks.

Andrew Jeffries, advisor for Energy Transition Mechanism and Partnerships at the ADB, said China's investment in renewable energy and electric vehicles (EVs) benefits both the country and the world.

Jeffries likened EV development to a "chicken-or-egg problem" due to the interdependence of EVs and charging infrastructure. "China's given an example of how to move past that," he said. "The demand for EVs globally is very strong, and also the demand to keep it at lower cost is very strong."

"The transition can be costly. And where it needs to happen the most is in developing countries where the spending power of the people is much lower," the advisor said, noting the significance of making it affordable. Therefore, China's role of providing items, from small goods to high technology, at affordable prices is critical for the global green transition, he added.

Participants attend the East Asia Forum 2024 in Beijing on Sept. 19, 2024. (People's Daily Online/Chang Sha)

"To promote green development and harmonious coexistence between humans and nature, it calls for coordinated advancement on fronts such as reducing pollution, cutting carbon emissions, protecting nature, and achieving growth," said Wang Yao, director general of the International Institute of Green Finance at the Central University of Finance and Economics.

She added that the process requires substantial funding, with green finance playing a crucial role in supporting the low-carbon transition.

Wang noted that China has maintained strong relations with UN agencies, the ADB, the World Bank, etc. In particular, Wang noted that many of the ADB's innovative cases were first implemented in China, resulting in global public goods that other developing countries can share. She added that this illustrates how the country fulfills its responsibilities in South-South cooperation.

Wang suggested the ADB should carry out more projects in west China, where green transition capacity is relatively weak.

Outside the conference room, a "Results Reality Booth" showcased two ADB projects in China: the Jiangsu Yancheng Wetlands Protection Project and the Shaanxi Qinling Biodiversity Conservation and Demonstration Project.

The exhibit used augmented reality (AR) and virtual reality (VR) technologies to give visitors an immersive experience of the ADB's environmental conservation efforts.

A visitor experiences the Results Reality Booth at the East Asia Forum 2024 in Beijing on Sept. 19, 2024. (People's Daily Online/Chang Sha)