COP29 must reach new finance deal, says China's climate envoy

November’s COP29 United Nations climate talks in Azerbaijan must have a new global agreement on climate finance or risk setting back the green transition, China’s top climate official said on June 25.

- David Fogarty

Mr Liu Zhenmin, Beijing’s special envoy for climate change, also said efforts by the US and European Union to target Chinese green tech goods with tariffs will only lead to higher global prices for solar panels, batteries and other goods vital to the green transition.

Speaking at the World Economic Forum’s Annual Meeting of the New Champions in Dalian, China, Mr Liu told a panel discussion that China’s innovations and vast manufacturing capacity have helped the world speed up the adoption of green energy.

“Globally, we need to be united to avoid these unilateral actions. They are going to raise the cost,” he told a panel discussion, moderated by The Straits Times editor Jaime Ho, on unlocking climate leadership in a competitive world.

The other panellists were Professor Julie Zimmerman, vice-provost for planetary solutions at Yale University, and Professor Kim Sang-hyup, co-chairman of South Korea’s Presidential Commission on Carbon Neutrality and Green Growth.

China, the world’s largest greenhouse gas polluter, is also by far the world’s largest producer and investor in renewable energy. The government sees green energy as key to reaching net-zero emissions by the mid-century.

Globally, in 2023, the world added 473 gigawatts (GW) of renewable energy capacity, according to the International Renewable Energy Agency. China accounted for the lion’s share, adding another 297.6GW, mostly wind and solar.

This rapid growth in China, fuelled by state subsidies, has helped slash green energy costs globally, and further investment will drive costs down even more, said Mr Liu.