The United Nations 2030 Agenda for Sustainable Development covers 17 goals, the thirteenth of which is “Climate action”, namely: Take urgent action to combat climate change and its impacts.

Under this major goal, there are five targets, the 13.a of which is “Implement the commitment undertaken by developed-country parties to the United Nations Framework Convention on Climate Change to a goal of mobilizing jointly $100 billion annually by 2020 from all sources to address the needs of developing countries in the context of meaningful mitigation actions and transparency on implementation and fully operationalize the Green Climate Fund through its capitalization as soon as possible.”

●Current Situation

About the World

Sincere solidarity and mutual assistance are the only “golden key” to help countries around the world fulfill their commitment to “inject climate funds” and solve the problem of climate crisis

In 2022, the world experienced many extreme weather events, with natural disasters such as high temperature, severe cold, flood and drought emerging in endlessly. Europe suffered a record high temperature in the summer, Pakistan floods inundated one-third of the country, and the United States still burned as usual. As experts said, “the earth has entered the emergency room”, and mankind is about to die. After all-night negotiations, the countries participating in “COP27” (the 27th Conference of the Parties to the United NationsFramework Conference on Climate Change) finally reached an agreement to set up a “loss and damage” fund to provide economic assistance by developed countries when the material and infrastructure of developing countries are seriously affected by extreme weather. At the previous CopenhagenConference on Climate Change, developed countries promised to provide US$100 billion, but they have never really fulfilled this commitment for so long. Although developing countries believe that the establishment of the “loss and damage” fund in COP27 is a hard-won victory, human beings must sincerely unite to help each other and urge all countries around the world to fulfill their commitment to “inject climate funds”in order to truly solve the problem of climate crisis.

U.S. President Joe Biden asked Congress to approve US$11 billion of climate funds for the 2023 budget, which will fulfill US$11.4 billion of climate financing commitments annually. In his speech at the COP27 Climate Summit, British Prime Minister RishiSunak said that despite the bleak economic situation, the UK would still adhere to its commitment of 11.6 billion pounds of climate financing - to double the adaptation funds to 1.5 billion pounds by 2025. German Prime Minister OlafSchultz said that Germany had provided 5.3 billion euros of climate financing in 2021 and planned to increase it to 6 billion euros per year by 2025. French President Emmanuel Macron said that developed countries need to do more to meet the amount promised, and those “countries that have promised to pay funds” should step up to fulfill this commitment. France has increased its commitment to climate finance to 6 billion euros per year in 2025. According to the latest analysis of OECD, on the basis ofthe latest commitments of bilateral and multilateral public climate financing providers, by 2023, the climate financing commitment of US$100 billion is expected to be realized. It is hoped that fulfilling commitments will become a new start for mankind to address the challenge of climate change, and lead the response to climate change from commitment to action.

Source: baijiahao.baidu.cn, Global Zero Carbon

About China

China is taking action in the governance in global climate

China has always been an important participant, contributor and leader in the construction of global ecological civilization. It firmly upholds multilateralism, actively participates in building a global ecological governance pattern featuring symbiosis of interests, sharing of rights and sharing of responsibilities, and has made important contributions to the sustainable development of mankind.

On the issue of governance in global climate, the actions of major countries are crucial. The major countries should seek more cooperation consensus from the common interests of all mankind, put climate issues on the priority of international cooperation, actively implement the consensus and commitments reached under the bilateral and multilateral frameworks, and lay a good foundation for international climate cooperation. As the largest developing country, China has shown great responsibility in the governance in climate.

On January 19, 2023, the data of the white paper “China’s Green Development in the New Era” released by the Information Office of the State Council of China showed that China has actively carried out South-South cooperation in combating climate change. Since 2016, it has launched 10 low-carbon demonstration zones, 100 mitigation and adaptation projects, and 1,000 training quota cooperation projects in combating climate change, all for developing countries, and implemented more than 200 foreign aid projects to combat climate change. At present, China is actively promoting the goal of carbon peak and carbon neutrality, promoting the joint construction of the green “Belt and Road”, and providing support and assistance to developing countries within its capabilities to help them achieve their emission reduction goals. China adheres to the concept of a community with a shared future for mankind and has contributed wisdom and strength to promoting the governance in global climate and sustainable development.

Sources: People's Daily Overseas Edition

●Cases

About the World

The Green Climate Fund invests US$500 million to help developing countries reduce emissions

The Green Climate Fund is an international agency under the United Nations, which mainly aims at financingfromdeveloped countries to help developing countries reduce greenhouse gases and cope with climate change. Up to now, the Green Climate Fund has promoted 177 projects in total, with a total funding of US$33.3 billion. At present, climate change response projects of US$500 million have been promoted in nine developing countries. These projects and investments can help developing countries cope with climate change and reduce 1.8 billion tons of greenhouse gases.

Source: jiemiam.com

European Bank for Reconstruction and Development, Asian Investment Bank and other diversified projects finance the construction of wind power projects in Kazakhstan

The Zhanatas 100 MW wind power project is the largest wind power project in Kazakhstan and the whole Central Asia region. It is jointly constructed and operated by China Power International Holding Ltd. and Kazakhstan’s Visor Investment Company. In September 2020, the first batch of wind turbine was connected to the power grid to generate electricity. In October 2020, the project was supported by the European Bank for Reconstruction and Development, the Asian Infrastructure Investment Bank, the Industrial and Commercial Bank of China and the Green Climate Fund with a total financing of US$95.3 million. Among them, the European Bank for Reconstruction and Development provided 10.85 billion Kazakh tenge (equivalent to US$24.8 million) of loan support under the framework of renewable energy in Kazakhstan, and the Asian Investment Bank provided US$34.3 million; and the Industrial and Commercial Bank of China provided 5.841 billion tenge (equivalent to US$13.3 million), and the Green Climate Fund provided a preferential loan of US$22.9 million.

The project is the first renewable energy project in Kazakhstan supported by commercial banks (Industrial and Commercial Bank of China); and it is also Kazakhstan’s first attempt to finance wind power projects through the project financing structure. It supports the market penetration of renewable energy technologies and is expected to reduce 262,000 tons of carbon dioxide emissions annually, which will help Kazakhstan achieve the green emission reduction target. In addition, the project also helps to provide green jobs for local people, especially local women.

Source: mp.weixin.qq.com

About China

Turning green into gold! 300 billion yuan of financing plan in place

In August 2022, Chongqing was approved to set up a green finance reform and innovation pilot zone, becoming the county’s first province-wide green finance reform and innovation pilot zone. At present, the municipality’s financial institutions have set up more than 20 specialized green finance departments or sub-branches, and launched more than 270 green finance products. Chongqing’s green finance reform and innovation momentum is good, and the “three functions” such as resource allocation optimization are effectively played.

By the end of 2022, the balance of green loans in Chongqing had exceeded 520 billion yuan, up 36 percent year on year; and the balance of green bonds in Chongqing was 3.2 times that at the beginning of 2019. Since December 2022, Chongqing has promoted 31 financial institutions and district and county governments in the municipality (including Liangjiang New Area, Chongqing High-tech Zone and Western Science City, and the Management Committee of Wansheng Economic Development Zone) to work with202 green projects with a total amount of more than 240 billion yuan, injecting “new momentum” into Chongqing’s green development. On February 20, 2023, the promotion conference of Chongqing’s construction of green financial reform and innovation pilot zone was held. At the meeting, the Chongqing Municipal People’s Government and seven financial institutions signed strategic cooperation agreements on supporting the construction of Chongqing Green Finance Reform and Innovation Pilot Zone. The seven financial institutions plan to provide more than 300 billion yuan of green financing support to Chongqing during the period of “14th Five-Year Plan”.

Source: finance.sina.com.cn

Shenzhen’s sample of climate investment and financing

As an important strategic city in the Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen has actively responded to the call of the country, taking the lead in launching a number of innovative measures to promote climate investment and financing reform, guiding and promoting more funds to invest in and finance activities in the field of combating climate change, and achieving green and low-carbon development with Shenzhen’s characteristics.

First, Shenzhen has established a climate investment and financing project bank, covering projects in the fields of renewable energy, low-carbon transportation, waste management and low-carbon waste water disposal in Shenzhen, as well as climate-friendly projects invested by Shenzhen enterprises in other places, with a total financing demand of up to 36.3 billion yuan. Second, Shenzhen has innovated the system of facilitating the import and export of funds, as well as financial and tax policies. Third, Shenzhen has created a new model of market-oriented investment and financing services for climate projects. Various special activities are carried out to match investment and financing, such as tripartite negotiation meetings between government, enterprises and financial institutions. Fourth, Shenzhen has established and improved the carbon emission trading management system. Many of these measures have achieved remarkable results, and have been promoted and used for reference by the National Development and Reform Commission as typical experience and innovative measures.

Source: cnxk.com

●Background

Sustainable Development Goals (SDGs) Initiated by the United Nations

On January 1, 2016, the 17 Sustainable Development Goals (SDGs), including 169 targets, of the 2030 Agenda for Sustainable Development — adopted by world leaders in September 2015 at an historic UN Summit — officially came into force. Countries will mobilize efforts to end all forms of poverty, fight inequalities and tackle climate change, while ensuring that no one is left behind.