China-Europe-America Net-Zero Transition Platform

Distinguished host,

Representatives of the Government of China,

Excellencies,

Friends, ladies, and gentlemen

Greetings!

I would like to thank the China-Europe-America Net-zero Transition Platform (CEA) and the China Forum of Tsinghua University for co-organizing this important event to discuss the transition to a net-zero economy by mid-century.

The world is faced with the imminent threat posed by climate change, and no one can be spared from its disruptive impact on our lives. We need to take action, and we need to take these actions fast to keep global warming to no more than 1.5 degrees Celsius. In this regard, I would like to congratulate the establishment of the Transitional Platform for its “Race to Zero” spirit.

This year, the COP26 concluded with a firm and clear response from the world leaders for greater climate action, with the net-zero goal at its core. More than 150 countries have submitted updated nationally determined contributions, and more than 130 countries have set or are considering a target of reducing emissions to net zero by mid-century. Moreover we have seen over 130 world leaders representing over 90% of the world’s forests having committed to work together to halt and reverse deforestation by 2030.

In spite of these achievements and to quote the UN Secretary General António Guterres during the conclusion of COP26,  "COP27 starts now". This means we need to pursue our efforts to achieve a "45% global cut [in our CO2 emissions] by 2030 compared to 2010 levels". This also means we need to phase out coal, put a price on carbon and find the 100 billion USD promised to developing countries by developed countries in the Paris Agreement 6 years ago. 

In this respect, this year is a critical year for China to exemplify its leadership in the fight against climate change. China hosted the second UN Global Sustainable Transport Conference in Beijing and the UN Biodiversity conference COP 15 in Kunming. President Xi Jinping announced in the 76th UN General Assembly that China will end all financing of coal-fired power plants abroad. The Government is also working to operationalize these commitments and released the first of the 1+N policy documents to achieve carbon neutrality. The wide range of areas and scope covered is noteworthy and welcome. Together with the coming sectoral action plans, the 1+N provides China with a concrete roadmap for its 2030 and 2060 climate goals.

China’s commitment lies in our common vision to build a sustainable and resilient future.  As always, our prosperity depends upon working together to protect people and the planet — truly leaving no one behind.

However, only through the public sector’s efforts is far from sufficient to fill the financing gap and develop innovative solutions during the transition to a net-zero economy. The private sector needs to take a much bigger role in global actions, and the pledge of the Glasgow Financial Alliance for Net Zero (GFANZ) – a global coalition of over 450 finance firms across 45 countries, jointly managing $130 trillion funds is a necessary first step.

However, there’s a limit to how far the private sector and voluntary initiatives can push forward the development public goods. Therefore, public sector is needed to step in to coordinate private investment in climate actions by ensuring rigorous reporting, risk management, returns management and mobilization of resources in the long term.

Ladies and Gentlemen, climate change is a wake-up call for humanity about the importance of one key value that we all share: solidarity. It is through solidarity between government initiatives and private investment that we can achieve great things.

In the road towards a net-zero economy, I would like to encourage more public-private partnerships in decarbonization that demonstrate this precious quality of all human societies alike.

I can talk from experiences when I worked in Africa developing partnerships between the UN, the Government of Kenya, and businesses including technology companies Huawei and Safaricom. Together we’ve implemented telemedicine projects which are now being scaled up nationwide, and these projects can be replicated globally.

As President Xi Jinping made clear yesterday in his address to the 76th Session of the UN General Assembly, “We need to accelerate the transition to a green and low carbon economy and achieve greener recovery and development.”

The UN in China will reimagine, innovate, reinvigorate and continue the hard and daily work and dedicate ourselves anew to fight global challenges like climate change and create lasting prosperity for the people of China and all the world.

I look forward to fruitful discussions today.