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 each year to reach the Paris Agreement climate goals, raising the question of how this will be financed.
- Countries with current account deficits have two options: import savings from countries with current account surpluses, such as China, or endure higher interest rates and less domestic consumption.
- Blocking Chinese foreign investment on political grounds leads to inferior technology and higher costs.
The world must increase the speed and ambition of its green transition.
Author's summary: China's role is crucial in global climate action.
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