How will China’s CO2 emissions goal affect global economy and its own?
China has rolled out new interim rules for the national carbon emissions trading market that went into effect on Monday, in an effort to speed up carbon emissions cuts under the Paris climate accord to achieve net-zero emissions in 40 years.
China pledged for the first time to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060, Chinese President Xi Jinping announced last September in an address delivered via video link to the UN General Assembly.
Xi reiterated the pledge when delivering a speech at the virtual Davos Agenda event held by the World Economic Forum last Monday, saying that “China is drawing up action plans and taking specific measures to make sure we meet the set targets.”