By now most of us have heard of China’s ambitious Belt and Road Initiative set to encompass almost two-thirds of the world’s population and 29% of global GDP. An initiative of that magnitude will have a lasting effect on the world. So where does the Chinese government who in the past has spurned green sustainability efforts stand in encouraging contractors in the Belt and Road Initiative to utilize green infrastructure in their building projects?
Surprisingly while China is the world’s largest emitter of greenhouse gases, it has embraced a ‘green’ agenda domestically. The country now emits 73% less carbon dioxide per unit of real GDP than it did 35 years ago, though it still accounts for around a quarter of total global greenhouse gases.
Interestingly, China green-bond market is among the largest in the world. The Road and Belt initiative is seen as an excellent opportunity for China to encourage its contractors to follow through and tap into Green bonds issued by the government.
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According to a report by HSBC: “Chinese banks are beginning to issue Belt-&-Road-focused green bonds – instruments whose proceeds finance environmentally-friendly projects. But better labelling of green finance would raise its awareness among other investors, encouraging them to consider the environmental sustainability of their own investments.”
With the growth in China’ green bond economy on a clear upward path as seen from its expansion from a $2 billion market in 2015 to a $30 billion one at present it is apparent that China has become a leading force in pushing green infrastructure and investments.
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