China’s green growth to foster 10t yuan Market

China’s green and low-carbon development is expected to significantly boost economic growth and create a yearly market for investment and consumption worth 10 trillion yuan (approximately $1.4 trillion), Xinhua reported quoting Zhao Leji, chairman of the National People’s Congress Standing Committee, as saying on Thursday.

Speaking at the Boao Forum for Asia Annual Conference 2024, Zhao emphasised that green development is integral to China’s high-quality development strategy.

He highlighted that China is home to nearly 50 per cent of the world’s installed photovoltaic power generation capacity, over 50 per cent of the world’s new energy vehicles and contributes to 25 per cent of the world’s new forested area growth.

Zhao further stated that China is accelerating its efforts towards green and low-carbon economic and social development.

The country aims to reach its peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.