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11/22/2024 07:44:33 pm

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US $6 Trillion Pegged for China’s Ambitious Climate Plan

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(Photo : Reuters) Businesses that produce high amounts of air, water, and noise pollution as well as solid waste are covered by a proposed law that imposes higher tax rates and penalties.

China has pegged over $6.6 trillion to be the cost of its greenhouse gas reduction goals, said its lead negotiator for the United Nations climate talks Tuesday.

A special representative, Xie Zhenhua works for climate change affairs at China's National Development and Reform Commission.

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Xie was in a three-day Strategic and Economic Dialogue forum in Washington Tuesday to meet with U.S. counterparts including U.S. Energy Secretary Ernest Moniz, Environmental Protection Agency Administrator Gina McCarthy, and climate negotiator Todd Stern.

Xie said China's objectives will be outlined by the end of June and that they are "quite ambitious."

China has long been considered to be the world's biggest greenhouse gas emitter. It reportedly needs to reconfigure its coal-dependent energy mix as well as develop new sources of energy in order to meet its objectives.

"We will need to carry out international cooperation and research and development to reduce the costs of relevant technologies and to innovate so that we can reach our objectives," Xie told reporters at a State Department briefing.

On Monday, both China and the United States announced its partnership on two new carbon-capture, utilization and storage projects commercializing environment-friendly technology, according to Reuters.

The details of China's new project remain unknown, but November is the month that China is expected to announce targets.

The new goals provide hope for environmentalists.

In 2014, China's coal consumption decreased for the first time in many years. Still, many speculate that the country's emissions could reach its peak soon.

The United Nations conference on climate change will be held in Paris. Prior to the conference, countries must submit national plans serving as building blocks for final agreements.

NBC News reported that so far, 11 countries have submitted their national plans. Included in the 11 are the United States, European Union and Mexico.

U.S. climate negotiator Stern said China's plans, which were announced in Washington, were contributions that were "quite strong," cited by First Post.

Stern added that he is hoping for that the final agreement between all countries at the UN climate change conference in December contains "a strong set of contributions, which are updated periodically." 

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