Low- carbon economy war new power games
US President Joe Biden has invited 40 heads of state to the Leaders Summit on Climate on April 22 and 23. This has heated up the global competition over the lowcarbon economy. This new competition could even be called “a new global green and low- carbon economy war.”
As climate change becomes a more and more urgent issue, climate governance has become a new lever for countries to enhance their global influence and demonstrate their leadership in international affairs. Currently, more than 110 countries, including China, have made major commitments to achieve carbon neutrality by 2050, hence limiting global temperature from rising further.
These major commitments reflect a rare consensus among countries. But there are many questions to be answered. We still don’t know how to achieve these commitments. Nor what they will be achieved by. We are still not clear about what rules will be used to achieve the goal, and who will take the lead in achieving them. Moreover, how funds will be invested to achieve these goals remains unknown.
In this regard, 2021 can be considered the year that China starts its journey to achieve carbon neutrality. It can also be regarded as the year when the world’s low- carbon economic competition begins. These new starts have quite obvious impacts on the transformation of the international landscape, and the game of great powers.
From the perspective of global discourse, an international competition to reshape the rules of low- carbon economics has begun. In order to achieve carbon neutrality, many countries have increased the pace of addressing climate change and developing a low- carbon economy. But we are facing a new round of international games and negotiations on relevant topics such as the identification of new green low- carbon industries, formulation of various low- carbon standards including emission reduction, and the agreement of various green rules including carbon trading. Various market access thresholds including green finance need to be addressed as well.
From the perspective of international economic and trade, a re restructuring of green economics mics and trade patterns has appeared. d. Carbon neutrality forces countries to speed up economic transformations. ons. The new international economic ic and trade structure, with a green industry ustry at the center, will gradually become me mainstream. Strategic cooperation, on, interest games and trade competition on will become main battlefields of competition among major powers on the road of carbon neutrality.
From the perspective of f technological innovations, a research search and development race around und new green industries is already eady steaming ahead at full speed. ed.
As a place of strategic importance, Europe, the US and other traditional developed countries have increased investment in the race. Green technology has become an important driving force of low- carbon economy development and competition. It is providing a solid foundation and competitive advantage for subsequent technology transfer and green industry upgrading. If emerging economies do not follow suit, they may lose this new round of industrial revolution.
In the future, international capital will favor new green industries with potential and production capacity. Preferential policies for green industries in various countries will also become new conditions to attract highquality foreign investors.
The Biden administration, which led the US back into the Paris Agreement, is promoting its new climate proposal, the Green New Deal. It can be anticipated that it will not stop the fierce competition in many related fields with China. This is an attempt to display US’ might as a global leader. The Leaders Summit on Climate is only a new starting point. It is more about suppressing China in terms of international discourse, economic and trade rules, capital flows and technological innovations.
China aims to have carbon dioxide emissions peak before 2030, and achieve carbon neutrality before 2060. This is China’s great contribution to global low- carbon development. China, which still plays the role as the world’s factory, has not completed industrialization. China has only 30 years to reach carbon neutrality from carbon dioxide emissions peak, far less than the time for developed countries. China’s mission to reduce emissions will be difficult. It will have to be achieved, to some extent, at the expense of economic growth. This is China’s responsibility as a global power. Moreover, this is China’s contribution to humanity as a positive response to climate change.