CHINA'S GREEN REVOLUTION GATHERS PACE

摘要

China's reputation as the world's biggest emitter of carbon emissions precedes it. The country's myriad factories and carbon-fired power plants mean it uses half of the world's coal, with electricity production and the steel industry the biggest consumers.Carbon emissions also have a significant impact on the country's air quality. Air quality tracker AirNow reports the Air Quality Index (AQI), as defined by the US Environmental Protection Agency. According to AirNow, during 2019, Beijing had an average AQI of 119. However, it rose as high as 152 in February that year. Any number over 101 is considered to be dangerous to the health of people in sensitive groups, and poor air quality can have a significant social, as well as environmental, cost. Acknowledging this, the Chinese government has pushed for the adoption of greener strategies. The People's Bank of China (PBOC) has outlined plans to remove fossil fuels from the list of programmes that can be funded through green bonds; previously, they were allowed if fossil fuels were used in a 'clean' way. The plan also brings into line the standards of the PBOC, the National Development and Reform Commission (NDRC) and the China Securities Regulatory Commission.