GLOBALink | China's carbon emissions reduction goals attract foreign firms

Source: Xinhua News Agency     Updated: 2022-11-09 16:07:14

China has announced that it will peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060. Pressing ahead on a green development path, it has made every effort to live up to its promises.

The country has maximized the functions of its market-based mechanism to spur carbon-cutting endeavors. In July 2021, it launched a national carbon-trading market, which is the largest market of its kind worldwide and has incorporated over 2,100 major power-generation companies.

Prior to the national carbon trading market, pilot programs on carbon emission trading have already been implemented at local levels.

Tianjin began carbon trading in 2013. More than 130 emitters including 15 foreign enterprises in diverse industries such as machinery and equipment manufacturing, steel, chemical industry, building materials, and agricultural and sideline food processing have been incorporated in the carbon trading platforms since then.

Data shows that all the participating emitters in Tianjin have seen their carbon emissions below the quota for seven consecutive years.

Meanwhile, an increasing number of foreign enterprises have also played an active role in achieving the country's "dual carbon" goals and China's emphasis on renewable energy has created a vast market space for them.

Flender, a leading global supplier of mechanical drive systems, is one of them.

The German firm recently launched the 10th phase of its capital increase and expansion project in its Tianjin subsidiary.

Produced by Xinhua Global Service