Carbon goals spur green businesses into action

China has adopted a series of preferential policies to advance its dual carbon targets over the past five years, and companies in the low-carbon field are keenly aware of the transformative impacts the goals have had nationwide.

- By HOU LIQIANG and LI SHANGYI

In September 2020 the country said its carbon dioxide emissions would be made to peak before 2030 and that it would achieve carbon neutrality before 2060.

The goals stirred excitement among the companies, enabling them to swiftly identify market opportunities and achieve rapid business growth. Also driven by a strong belief in and passion for the low-carbon development trend, they serve as a microcosm of China's transition to a low-carbon future.

Before the official declaration of the dual carbon goals, Bai Yanhui, a businesswoman in Jiangsu province, had already pivoted her career toward building energy efficiency management, a move that allowed her to recognize firsthand how profoundly national climate commitments energize markets.

Bai had originally specialized in central heating and smart building controls, and her firm, Nanjing Xiangtai System Technology Co, enjoyed spectacular early success. In the early 2010s the company's revenue doubled yearly, she said, amid China's push for large-scale infrastructure expansion.

However, by 2015 Bai sensed looming stagnation in the infrastructure sector. She conducted market studies at home and abroad, and was greatly inspired during a visit to Europe.