23 September 2020

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[...] Does this apply to China’s “belt and road” investments?

China’s climate impact is not limited by its borders. It is financing a quarter of coal plants under development in other countries through its “belt and road” initiative, with a capacity of 102 GW.

If tougher targets at home lead to outsourcing of pollution, it will undermine the climate benefits. If China encourages other countries to join the net zero club, it will amplify them.

Yuan expressed optimism the pledge would drive investment into carbon capture and storage and clean energy in belt and road countries. “[China’s] new climate ambition will alter the world order in clean energy investments and abatement technologies,” Yuan said.

More broadly, the pledge will “shift the discourse”, said Geden, and “put other emerging economies under pressure to come up with explanations about why they don’t want to [achieve carbon neutrality].”

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