Amidst geopolitical tensions around the world, climate change has become an existential threat to humanity. The greenhouse gas emissions have reached an alarming level, indicating the urgency of taking pragmatic measures to protect the globe from the disaster of climate change. The world leaders, who are supposed to take the lead, have sidelined themselves or shown passive interest in effectively tackling the issue. The recent withdrawal from the Paris Agreement by the Trump administration can be seen as a glaring example in this context. The US, which considers itself the leader of the world, is supposed to protect and lead both developed and developing nations in addressing multilateral issues. Unfortunately, Trump’s “America First Policy or Make America Great Again” focuses on internal development, progress, and stability while leaving the rest of the world to the mercy of nature.
China: Taking the Lead Against Climate Change
Such abrupt withdrawal has also created a vacuum of leadership, which needs to be filled immediately in the best interest of states. There is no other state than China that has the capacity to fill the vacuum and steer the world amidst geopolitical tensions. China, despite being one of the largest carbon emitters in the world, has shown interest in tackling the issue of climate change and transitioning into renewable energy resources. It can be manifested in Chinese commitment to multilateral forums, such as the Paris Agreement, wherein China has pledged to accomplish carbon neutrality by 2060.
In this regard, Beijing has also called upon meetings with the US and Brazil in the past. Assuming a leadership role against climate change will enhance China’s political influence in the Western sphere and, perhaps, distance Western states from the dominant influence of the US. Similarly, it will also pave the way for China to formally enter the Western sphere and assert its political influence. Meanwhile, the US’s influence will gradually be minimized in the multilateral forums.
China’s Green Initiatives
To expedite gaining influence, China has also abandoned financing joint ventures in the domain of coal power plants or projects that degrade the environment and pollute the atmosphere. Furthermore, Beijing is also investing more in green energy projects than other states on the world stage at domestic and international levels. Among such investments, the reforestation initiative is one of the practical steps it has taken so far.
The recent estimates show that China has covered 22.2% of land compared to 16.74% in 1990, indicating Beijing’s efforts in mitigating climate change disasters. However, the reforestation initiative is insufficient to protect the region from the havoc of climate disasters; it needs to take other practical steps based on ground realities, including the installation of carbon-capturing technology near industries.
Other than that, China also aims to utilize other renewable sectors to decrease dependency on imported coals and oils. In this regard, Beijing is looking for solar and wind power to generate electricity for domestic consumption. It has a target of generating 1200 gigawatts (GW) of energy from wind and solar power plants by 2030. This aim will not only make China’s energy secure but also deprive the world of the largest carbon contributor.
Meanwhile, the carbon storage in the atmosphere of the region may also be reduced to a certain extent. Apart from that, China has also stopped funding the construction of new coal power plants in foreign countries, aiming to enhance the transition to renewable energy resources. Interestingly, this pledge is limited to foreign states; domestic construction of coal power plants is still allowed, raising concerns about China’s leadership and commitment to mitigating climate change issues.
China is also aiming to transform its economic growth by becoming the major investor and exporter of renewable energy resources. Till the end of 2024, China has occupied an 80% market share of exporting solar panels and electric cars, showing the export diversification to renewable energy resources. Meanwhile, China is also maximizing its political influence on the flag of investment in renewable energy resources in states that are dependent on Chinese exports.
More than 100 countries are part of such a list, including the majority of Asian and African states. Such efforts of China did not go in vain, but decreased Chinese carbon emissions to 18.84% in 2020 from 48.8% in 2015, showing the highest achievement a country has ever achieved in mitigating climate change issues. The ulterior motives behind these efforts are to protect China in particular and the world in general from devastating havoc, such as climate change, environmental pollution, and ecological degradation.
Green Finance System
In addition to these initiatives, China is also aligning its investment in clean and green development projects. For instance, it has established a “green finance system.” This system refers to financial policies and practices designed to address environmental challenges such as pollution, high temperatures, resource depletion, and climate change through investment in sectors, renewable energy, pollution control, and sustainable infrastructure with uncompromised economic growth.
One of the key components of the green finance system is green credit. Through the system of green credit, banks and financial institutions in China are supporting various developmental projects that are environmentally friendly and can benefit the country in the long run. Likewise, the green bond is another component of the green finance system. Through the green bond system, Beijing supports environmentally friendly infrastructure projects, such as clean and green energy and green transportation. According to recent data shared by Chinese officials, green finance loans have reached $4.256 trillion at the end of 2023, indicating Beijing’s aim to limit dependency on fossil fuels and gradually transform the country towards non-renewable energy resources.
Conclusion
These efforts will enhance Chinese political influence on the world and make Beijing an economic hub for economic activities based on renewable energy resources. To make this dream come true, Beijing needs to take practical steps and set aside its national interest and work for global interest, i.e., mitigating the issue of climate change. China also has the opportunity to utilize the platforms of the Shanghai Cooperation Organization (SCO) and BRICS to work to tackle climate change issues.
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The views and opinions expressed in this article/paper are the author’s own and do not necessarily reflect the editorial position of Paradigm Shift.
He is an English Literature graduate from NUML Islamabad and a Russian Open-Door Scholarship winner for an MPhil degree in Modern Languages. He also works as a freelance columnist.