China is cooperating with EU to establish a jointly recognized green investment standard by the end of this year, as part of efforts to achieve its goal to be carbon neutral by 2060, the Financial Times reported on Wednesday.
The People’s Bank of China (PBOC) said it was an “urgent” task for China to have carbon emissions peak before 2030 and achieve carbon neutrality before 2060. It is also a long-term goal for the EU to be carbon neutral by 2050, the Financial Times said.
The two economies reached a comprehensive investment deal in December 2020, which will facilitate the long-term goals of combating climate change. The bilateral cooperation in climate change is also in line with China’s deepened reforms.
The primary goal of the PBOC over the next five years is to coordinate with global partners to implement and standardize a green finance system in the country, PBOC Governor Yi Gang said at the China Development Forum in March.
G20 members will also discuss deepening international cooperation on green finance, including details in adopting a globally recognized green taxonomy at the summit in October, when China plans to coordinate with the U.S. to build a road map for advancing sustainable finance, Yi said.