Chinese Firms and Climate Action
To achieve their climate and decarbonisation commitments, governments must be open to green technology and investment from world-leading Chinese firms.
Around US$5 trillion of investment each year is needed to reach the Paris Agreement climate goals, raising the question of how to pay for it.
- Countries with current account deficits can either import savings from countries with current account surpluses, such as China.
- Alternatively, they can endure higher interest rates and less domestic consumption to generate the savings needed domestically.
Countries that block Chinese foreign investment on political grounds are choosing the latter, along with inferior technology to that available anywhere else in the world.
It is no secret that the world must increase the speed and ambition of its green transition.
Author's summary: Chinese firms can aid climate action.
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