context: As the international climate conference season approaches, with COP29 in Baku from 11–20 November as the centerpiece, domestic events are underway. At the annual meeting of the China Council for International Cooperation on Environment and Development, Xie Zhenhua 解振华 vice chair emphasised the critical need for climate adaptation, particularly for developing countries facing heightened vulnerabilities.
At the 2024 Climate Impact Conference in Haikou, experts emphasised that climate issues are now essential to corporate strategy, with those ignoring them facing policy risks and competitive disadvantages, reports iFeng News.
Chinese Academy of Engineering academician and Tsinghua University professor He Kebin 贺克斌 notes that as of September 2023, nearly 90 percent of global CO₂ emissions, GDP and population are under jurisdictions with carbon reduction goals. He stresses that companies’ carbon footprints have become integral to international supply chain assessments, with suppliers increasingly required to disclose emissions data.
Gao Yong 高勇 Bayer China Public and Government Affairs vice president, highlights Bayer’s tracking of soybean carbon footprints in Brazil, which directly impacts product competitiveness. The PRC’s dual-carbon targets are non-negotiable, and companies need to act swiftly to maintain their market edge amid evolving policies that may impose additional carbon taxes, says Gao.
Chai Qimin 柴麒敏 National Centre for Climate Change Strategy Strategic Planning Department director, discussed climate change’s influence on the global economic landscape, noting that carbon emissions are now as critical as land and key resources.
Given the current emission rates, the world’s remaining carbon budget for limiting temperature rise to 1.5°C will last only seven to eight years. Chai notes that climate risks now significantly impact financial investments, citing natural risks from rising extreme weather events, policy risks linked to carbon-neutrality targets and systemic risks from climate-induced instability.
Zhang Zhengwei 张政伟 ISSB chair special advisor, discussed the importance of accurately measuring and reporting climate risks to manage them effectively. The ISSB’s new global sustainability standards, now adopted by over 20 jurisdictions representing 55 percent of global GDP and 40 percent of global capital markets, are a step toward this.
According to IEA, about 50 percent of climate-mitigation technologies are not yet commercially viable, which presents substantial market and investment opportunities.
Tongji University’s Du Huanzheng 杜欢政 observes a shift in consumer attitudes toward green products, citing that over 70 percent of consumers in Shanghai are willing to pay more for sustainable items. Du encourages companies to leverage this green consumption trend by integrating eco-friendly practices across production, energy use and recycling to build a greener, more efficient supply chain.