China Country Climate and Development Report

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00:02 China's development and climate change are deeply intertwined.

00:06 China aims to double

00:07 per capita income and become a high income country

00:11 by 2035.

00:13 China has also made ambitious commitments to peak carbon emissions before 2030.

00:19 And achieve carbon neutrality before 2060.

00:22 Climate risks pose a threat to China's long term prosperity,

00:27 according to the World Bank Group's Country Climate and Development report

00:30 for China.

00:32 No longer threats of a distant future,

00:34 climate risks are already affecting development today.

00:37 GDP losses.

00:38 From climate risks could rise to 2.3% as early as 2030,

00:44 with impacts disproportionately hitting the bottom

00:46 40% of the income distribution.

00:49 At the same time,

00:51 China today emits 27% of global carbon dioxide

00:55 and a third of the world's greenhouse gasses.

00:59 Alongside other large emitters,

01:01 China's contribution to reducing global climate risks is crucial.

01:05 The report shows that China is well positioned

01:08 to meet its climate commitments and development goals.

01:12 The transition to reduced carbon intensity and climate adaptation

01:16 will unlock new sources of economic growth,

01:19 innovation and job creation.

01:21 Already today,

01:23 China has more than 4 million jobs in renewable energy alone

01:27 and is becoming a global player in green finance and innovation.

01:32 At the same time,

01:34 China's transition to carbon neutral and resilient growth will not

01:38 be easy with transition risks that will affect industries,

01:42 regions

01:42 and communities

01:44 that are dependent on coal and other carbon intensive activities.

01:48 Broader structural and market reforms could complement climate action

01:53 and help achieve China's climate and development objectives.

01:56 The CCDR recommends 6 interconnected policy packages.

02:01 Accelerate the power sector transition

02:03 with market reforms and investments in renewables.

02:07 Decarbonize key energy demand sectors such as industry and transport.

02:12 Enhance climate resilience and low carbon development

02:15 in rural landscapes and urban areas.

02:18 Harness markets to drive cost effective economy-wide abatement and innovation.

02:24 Manage transition risks

02:26 to ensure a just transition for those regions and

02:29 communities most affected by the shift away from fossil fuels

02:34 and foster global climate action

02:36 by encouraging Chinese lenders to adopt clean financing principles.

02:41 These policies will allow China to green and grow its economy at the same time.

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China's development and climate change are deeply intertwined. China aims to double per capita income and become a high income country by 2035. China has also made ambitious commitments to peak carbon emissions before 2030. And achieve carbon neutrality before 2060. Climate risks pose a threat to China's long term prosperity, according to the World Bank Group's Country Climate and Development report for China. No longer threats of a distant future, climate risks are already affecting development today. GDP losses. From climate risks could rise to 2.3% as early as 2030, with impacts disproportionately hitting the bottom 40% of the income distribution. At the same time, China today emits 27% of global carbon dioxide and a third of the world's greenhouse gasses. Alongside other large emitters, China's contribution to reducing global climate risks is crucial. The report shows that China is well positioned to meet its climate commitments and development goals. The transition to reduced carbon intensity and climate adaptation will unlock new sources of economic growth, innovation and job creation. Already today, China has more than 4 million jobs in renewable energy alone and is becoming a global player in green finance and innovation. At the same time, China's transition to carbon neutral and resilient growth will not be easy with transition risks that will affect industries, regions and communities that are dependent on coal and other carbon intensive activities. Broader structural and market reforms could complement climate action and help achieve China's climate and development objectives. The CCDR recommends 6 interconnected policy packages. Accelerate the power sector transition with market reforms and investments in renewables. Decarbonize key energy demand sectors such as industry and transport. Enhance climate resilience and low carbon development in rural landscapes and urban areas. Harness markets to drive cost effective economy-wide abatement and innovation. Manage transition risks to ensure a just transition for those regions and communities most affected by the shift away from fossil fuels and foster global climate action by encouraging Chinese lenders to adopt clean financing principles. These policies will allow China to green and grow its economy at the same time.

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worldbank/China CCDR

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worldbank/China CCDR-AVS

title

China CCDR

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China CCDR

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