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par | Oct 2, 2020

How does China’s 2060 carbon neutral target impact financial markets?

When it comes to climate change, there are strong new ambitions in the world’s second largest economy.

On September 22, Chinese President Xi Jinping announced in his statement at the general debate of the 75th Session of the UN General Assembly that “China will scale up its Intended Nationally Determined Contributions by adopting more vigorous policies and measures. We aim to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060”. It is the first time for China to set a carbon neutral target, which has drawn widespread attention at home and abroad.

China has made three carbon emission reduction commitments over the past dozen years. The first was the 2020 target set in 2009, to reduce CO2 emissions per unit of GDP by 40%-45% from the 2005 level by 2020. The second was the 2030 target set in 2015, to peak CO2 emissions by around 2030 and strive to achieve it as soon as possible, and to reduce CO2 emissions per unit of GDP by 60%-65% from 2005 levels by 2030. The third was the 2060 target just announced, to strive to achieve carbon neutrality before 2060.