ZHANG Shaogang, Vice Chairman of the China Council for the Promotion of International Trade, announced the need for massive investments of capital to support the research necessary to reach carbon neutrality by 2060.
During a forum on carbon neutrality at the China International Fair for Trade in Services (CIFTIS) on 4 September, ZHANG Shaogang, Vice Chairman of the China Council for the Promotion of International Trade, announced the need for massive investments of capital to support the research necessary to reach carbon neutrality by 2060. The CNY 136 trillion in investments would be necessary as an estimated 60% of the technologies needed for a green transformation are still in the conceptional stage.
ZHANG explained that in addition to public funds other sources of capital would be needed to stem the necessary financial liquidity, thus, suggesting a bigger role of the market and private sources in funding the pledge.
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