China to use finances to accelerate carbon-neutral aim

It is looking to develop a financial framework to boost net zero

Net Hero Podcast

The Chinese government has announced it will use financial tools including taxes and policy to accelerate the superpower’s journey towards carbon-neutrality.

By 2030, the country aims to have developed a framework for financial policy that will promote low carbon technology and green trading.

China is looking to cut coal from 2026 and increase renewable capacity to 1,200GW by 2030. A net zero target for the Asian nation has been set for 2060.

An incentive scheme is also being considered to encourage local governments to indulge in low carbon practices and cut carbon emissions.

More investment is also set for protection of forestry and wildlife in China, according to the Ministry of Finance.