BUSINESS China should proceed from reality to achieve 'double carbon' goal: official

BUSINESS

China should proceed from reality to achieve 'double carbon' goal: official

CGTN

06:53, October 22, 2021

Wind power in Jiangyin City, east China's Jiangsu Province, October 12, 2021. /CFP

China should experience a smooth transition and proceed from reality to achieve its "double carbon" goals, instead of using "one size fits all" method or chanting slogans without real actions, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said at the Annual Conference of Financial Street Forum 2021.

China has promised to peak its carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.

Guo said China's coal consumption accounted for 56.8 percent of energy consumption last year. The carbon peak before 2030 means that China will continue to maintain a rigid growth in fossil energy consumption for a period of time.

The power outage in some areas exposed the problems existed in China's infrastructure operation and energy conservation and emission reduction actions, Guo said.

China is a country of strong infrastructure that has global influence. The total installed power generation capacity, high-speed rail operating mileage and the scale of water conservancy facilities all top the world. The country's infrastructure is however not well adapted to the needs of new industrialization, informatization, urbanization and agricultural modernization, Guo said.

Guo said ecological environment sustainability, economic, social and financial sustainability are necessary to develop infrastructure.

Energy, transportation, communications and water conservancy take up a lot of resources and are also one of the main sources of environmental pollution. Therefore, it is necessary to steadily improve the level of green intelligence and save land, shoreline and corridor resources, Guo said.

Construction should consider the actual conditions, especially the operation and maintenance costs after completion, the intermediate input costs of labor and materials, as well as the resetting cost of scrapping after several years, he said.

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