Chinese Firms and Climate Action
To achieve climate and decarbonisation commitments, governments must be open to green technology and investment from world-leading Chinese firms.
An estimated $5 trillion of investment is needed annually to reach the Paris Agreement climate goals, raising the question of how to fund this effort.
Countries with current account deficits have two options: import savings from countries with surpluses, such as China, or face higher interest rates and reduced domestic consumption to generate savings domestically.
Countries blocking Chinese foreign investment on political grounds will have to endure inferior technology and higher costs.
The world must increase the speed and ambition of its green transition.
Author's summary: Chinese firms can aid climate action with green technology and investment.
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