Economics
China Needs $389 Billion a Year for Climate Pledge, Study Says
- China is aiming to get 20% of energy from non-fossil fuels
- Domestic funds have played important role so far, study says
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China needs to invest an average of about 2.5 trillion yuan ($389 billion) a year to achieve its goal of peak carbon emissions by 2030, a study found.
To reach that target, investments in climate change need to grow by more than 4 percent each year to a peak of 2.56 trillion yuan in 2020, or an amount equivalent to 1.79 percent of China’s estimated economic output at that time, according to the study by the Research Center for Climate and Energy Finance under the Beijing-based Central University of Finance and Economics.