China may soon find itself at the heart of the climate business boom, according to vice chairman and executive director of the Paulson Institute, Deborah Lehr.
The expert noted that the country is turning into a leader in innovative green finance as the scale of China’s emissions creates opportunities.
“Carbon could become a new currency, with China creating the terms, the standards and the pricing,” she said speaking via video at the International Finance Forum 2021 Spring Meetings held in Beijing on Sunday.
China’s national-level carbon trading program which is set to start by the end of June is expected to guarantee the nation the leading role in achieving carbon neutrality across the globe.
Under the program, the country is going to start online transactions in the national carbon market. Lehr noted that once the other polluting sectors are added to the exchange, it would potentially cover up to 30% of global emissions.
Moreover, China is reportedly becoming one of the major players in innovative green finance as well as in green technology.
According to Goldman Sachs, there is a $16 trillion opportunity for clean technology infrastructure investments in China’s potential path to net zero by 2060. That may create up to 40 million jobs and drive economic growth.
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