China has stepped onto the global stage as a significant provider of climate change funding, playing a pivotal role in the fight against global warming. The nation now accounts for over one-third of the world’s renewable energy capacity, ranking first in cumulative investments, particularly in developing countries.
During the recent COP29 summit held from November 11 to 22 in Baku, Azerbaijan, China’s rapid advances in energy efficiency were in the spotlight. The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change saw nations coming together to address environmental challenges, and China’s contributions stood out prominently.
China supports climate projects in developing countries through several key channels. It offers bilateral public financing via its development finance agencies and institutions. Additionally, multilateral public financing flows through entities like multilateral development banks and climate funds, amplifying its impact.
A notable feature of China’s approach is the use of export credits issued by organizations such as the Export-Import Bank of China and the China Export Credit Insurance Corporation. These measures, along with mobilizing private financing through development financial institutions and guarantors, bolster China’s contributions to global climate initiatives.
China’s commitment to renewable energy and climate funding underscores its rising influence in shaping a sustainable future. As nations worldwide grapple with climate change, China’s leadership offers a blueprint for collaborative efforts toward a greener planet.
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Graphics: China a key global provider of climate change funding
cgtn.com
