Chinese enterprises have actively responded to COP28 and promoted sustainable development in the context of climate change.
From 30th Novermber to 12th December, 2023, The 28th UN Climate Change Conference of the Parties (COP28) has been held at Expo City Dubai, United Arab Emirates, providing a worldwide platform to discuss collaborative actions to mitigate and adapt to the impacts of climate change, as well as to discuss the expected outcomes of the COP28.
The COP28 will conduct the first-ever Global Stocktake to take stock of the world's progress towards the goals of the Paris Agreement and to develop practical solutions. The core theme at this COP for the first global stocktake after Paris COP is that the private sectors must act together with international organizations, multi-lateral banks, governments and public sectors for collective climate actions through investments and innovations.
Chinese enterprises have attached high importance to low-carbon and green development and the williness to participate COP28 is increasing. The International Green Economy Association (IGEA), a globalized, comprehensive and hub-based social organization in China's green and low-carbon sector, together with 11 enterprises covering 10 categories of green and low-carbon sectors, including photovoltaic, solar thermal, hydrogen energy, and industrial circular economy. Specifically, China's photovoltaic industry is developing rapidly and its contribution to the construction of a green society is emerging. LONGi Green Energy (601012: SH) has set up a special Solar+ Pavilion in the Blue Zone of COP28. LONGi has participated in the United Nations COP for four times.
According to Yan Huo, General Manager of LONGi Green Energy's brand, "LONGi hopes that through its participation in COP28, it will represent Chinese PV enterprises to have high-end dialogues with relevant international organizations, so that more key decision-makers in energy and climate overseas and around the world will understand the efforts and contributions made by Chinese PV enterprises to global energy transition and carbon emission reduction."
In terms of the investment institutions, Enbo Wang, Founder and CEO of Principes Ventures, pointed out that the power of philanthropy would enable businesses with blended finance tools to foster, scale and partner early stage innovations as private capital solutions. Additionally, the big tech could play a catalyst role.
In order to mitigate greenhouse gas emissions and promote sustainable development, China has adopted a series of important climate policies and put forward carbon peaking and carbon neutrality targets. The COP28 has also set up a series of activities called "China Corner" in the hope of strengthening cooperation and exchanges with other countries around the world in addressing climate change. The China Corner will organize more than 100 side events focusing on China's policies and actions to address climate change, international cooperation to address climate change, and green and low-carbon development. For example, the side event on the theme of "Beijing's Actions and Effectiveness in Responding to Climate Change and Reducing Pollution and Carbon" demonstrated that Beijing's carbon dioxide emissions of CNY 10,000 of GDP have dropped by approximately 50% over the past decade, and the total amount of carbon emissions has dropped significantly, with the city now at a stable plateau. At the same time, a historic breakthrough has been made in improving the quality of the ecological environment, with the average annual concentration of fine particulate matter (PM2.5) falling by 66.5%.
China also emphasizes the adaptation and mitigation solutions of climate change and is actively implementing relevant strategies. According to a report released by the Ministry of Ecology and Environment, by 2022, China's carbon emission intensity will be reduced by more than 51% compared with 2005, and the proportion of non-fossil energy in energy consumption will reach 17.5%. In terms of China's participation in previous COPs, a white paper on "China's Policies and Actions to Address Climate Change" was released in COP26 in 2021, and China formally submitted the "Progress Report on China's Implementation of Nationally Owned Contribution Targets (2022)" to the Convention Secretariat during COP27, which has demonstrated China's commitment to advancing global climate governance and China's determination in promoting green and low-carbon development and actively addressing global climate change.