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Emission Target is an Opportunity

12/08/09

By Pucong Han, Beijing China

After the global financial crisis, the new emission target of decreasing 40-45% carbon emission in2020 (based on the emission level in 2005) challenges the development of China’s economy.  However, in my opinion, this emission target will provide an excellent opportunity for China to improve its current economic growth model to a sustainable growth model.  As one of the fastest growing developing countries, China’s market structure settles on an elementary level, relying heavily on exports and energy from coal plants.  At the same time,it  is approaching a more advanced level in which capital transaction and financial tools become more sophisticated in the market and begin to contribute more to the development of the economy.

While achieving this emission target, China’s technology level, current market solutions, economic sectors and comprehensive compatibility will be advanced.  In particular, the energy market of China will approach energy conservation, energy efficiency, clean coal, renewable energy and a more advanced nuclear power.  This emission target will motivate China to completely switch from its previous energy consuming model to this superior model by advancing its technologies and finding financial supports.  As a consequence, a lower carbon economy with the sustainable growth model will be close to China.

I also believe that this emission target has possibilities to help China to come out of the consequences of the global financial crisis.  As we know, the financial crisis hurts China’s exporting businesses and, at the same time, creates unemployment problems in the manufacturing sector.  The national development needs time to internalize the existing unemployment issues.  Although China’s effective policy encourages creating new businesses and increasing the employment opportunities, the increasing rate of development is not enough to heal the effects of the global financial crisis in 2008.  The new emission target in this particular time will encourage China’s national development to emphasize using cleaner energy and advancing existing technology, which, as a result, will be able to create new green businesses and green job opportunities.

I am hoping the new emission target will be able to help China overcome the existing problems and, at same time, save the world.

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