By Paul Davies and Andrew Westgate Earlier this month, during a round of surprise inspections, Deputy Minister of the Ministry of Environmental Protection Zhao Yangmin publicly shamed the city officials of Langfang, a city in Hebei province, for failing to take action after a severe pollution warning was issued on April 2, 2017. Deputy Minister … Continue Reading
By Paul Davies, Aaron Franklin, and Andrew Westgate The China Securities Regulatory Commission (CSRC) released new guidelines (the Guidelines) on the issuance of green bonds on March 2, 2017, marking an important step in the development of what is now the world’s largest green bond market, accounting for 39% of global issuances by principal amount issued … Continue Reading
By Paul Davies & Andrew Westgate China’s National Development and Reform Commissions (NDRC) – the country’s chief economic planning body – announced that a “green certificates” program for solar and wind power will be launched beginning on July 1, 2017. The certificates issued by the program will be similar to the Renewable Energy Credits issued … Continue Reading
By Paul Davies and Andrew Westgate Climate change has become a key concern for China in recent years, as evidenced by its pledge to reduce carbon emissions per unit of GDP by 60% from 2015 levels by 2030. As we have previously written, it has also become a leader in the emerging field of green … Continue Reading
By Paul Davies and Andrew Westgate The Supreme People’s Court (SPC), China’s highest judicial body, issued a judicial interpretation on December 26, 2016 which defines 18 types of environmental crimes as “serious environmental pollution” and identifies 13 types of “serious consequences” under China’s criminal law, subject to increased penalties. The report is available here (in … Continue Reading
By Paul Davies and Andrew Westgate China’s State Council released its “Plan for Controlling the Implementation of the Pollution Discharge Permit System,” (the Plan), which establishes guidelines and policy goals for the pollution permitting system being designed and implemented by the Ministry of Environmental Protection (MEP), on November 21, 2016. The permits will set specific … Continue Reading
By Paul Davies and Michael Green The Vice-President of the European Investment Bank, Jonathan Taylor called for “a renewed effort from the world’s financial institutions to make the Paris Agreement a reality” at the COP 22 Conference, held last month in Marrakesh. Green finance will have an instrumental role to play in the transition of … Continue Reading
By Paul Davies, Gary Gengel and Andrew Westgate In April 2015, the Final Report of the People’s Bank of China’s Green Finance Task Force made 14 recommendations to facilitate the establishment of China’s green finance system. Recommendation 13 proposed the imposition of lender liability on banks to force financial institutions “to take environmental impact into … Continue Reading
By Paul Davies and Michael Green Prior to the G20 Leaders’ Summit on 4 September, China and the US ratified the Paris Climate Agreement during a ceremony in Hangzhou, China. This commitment from the world’s largest carbon dioxide emitters is expected to prompt developed nations in Europe to follow suit. The adoption of the Paris Agreement … Continue Reading
By Paul Davies and Andrew Westgate Now in its eleventh year, The G20 Summit heads to the city of Hangzhou, China – the first time a G20 summit has been held for heads of state in China. As this years’ destination, China is maximising its role as the host nation to not only highlight its … Continue Reading
By Paul Davies and Andrew Westgate. According to a recent report released by Clean Energy Pipeline, global clean energy backing in the first half of 2016 totalled US$116.4 billion. China was the largest investor, financing US$15.3 billion worth of solar and wind projects and accounting for nearly 30% of the world’s total solar and wind … Continue Reading
By Paul Davies and Aaron Franklin China has become the world’s largest green bond market, with green bonds issued in the first half of 2016 reaching 75 billion yuan (US$11 billion), 33% of the world total. This figure is approximately two percent of the total assets of China’s commercial banks, and demand for green bonds … Continue Reading
By Paul Davies and Andrew Westgate On 28 May, the State Council, China’s highest administrative body, released the Action Plan on Prevention and Control of Soil Pollution (currently available only in Chinese) to address one of the nation’s most difficult and pressing environmental issues. This ambitious plan, developed in the wake of increasing consciousness of soil … Continue Reading
By Paul Davies and Andrew Westgate At the China-US Climate-Smart / Low Carbon Cities Summit held in Beijing on June 7 and 8, 2016 the world’s two largest carbon dioxide emitters announced expanded co-operation in their efforts to counter climate change. One of the most important results of the summit was the signing of a memorandum … Continue Reading
By Paul Davies and Andrew Westgate In advance of the first ever G20 summit to be hosted in China this year, the Shanghai Environmental Protection Bureau issued a revised, short-term air quality plan to improve local air conditions ahead of the summit. China has undertaken similar efforts to achieve a temporary smog lift in advance of other … Continue Reading
By Paul Davies and Andrew Westgate Green bonds, which tie the proceeds of the issuance to investments that have positive environmental and/or climate benefits, are a rapidly growing asset class. Recent figures have corroborated the narrative of growth predicted by industry experts. In the first quarter of 2016, green bonds totalling US$17 billion were issued … Continue Reading
By Paul Davies and Andrew Westgate China has made notable strides to transition towards a lower-carbon economy. Most recently, local authorities were ordered to halt construction of coal-fired power plants in 13 provinces where capacity already outstrips demand. Demonstrable of its efforts to end reliance on coal and invest in green alternatives, China is ramping … Continue Reading
By Paul Davies and Andrew Westgate The Shanghai Municipal People’s Congress has released the revised Shanghai Environmental Protection Regulations (in Chinese only) for public comment. The revised Regulations, which first came into force in 1997, apply exclusively in Shanghai, one of China’s most prosperous and business-intensive regions and are an example of China’s continued commitment … Continue Reading
By Paul Davies and Andrew Westgate China’s National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) have ordered local authorities to stop construction of coal-fired power plants in 13 provinces where capacity already outstrips demand. A further 15 provinces will be required to delay construction of previously approved coal-fired power plants. These provinces … Continue Reading
By Paul Davis and Andrew Westgate China, along with leaders from more than 150 countries, today signed the Paris Climate Change Agreement in New York. New York Signing Update Following final negotiation on December 12, 2015, today marked the first day that countries could formally sign the Paris Agreement. At the United Nations headquarters in … Continue Reading
By Paul Davies and Andrew Westgate On Sunday, China Central Television (CCTV), the country’s state-run broadcast network, aired a report claiming that nearly 500 students apparently developed illnesses (including leukemia) at a school built on contaminated land. Of the 2,451 students that attend Changzhou Foreign Languages School in Jiangsu Province, 493 (one in five) were … Continue Reading
By Paul Davies China’s 13th Five-Year Plan – Planning for a Greener Economy Last month China’s thirteenth “Five-Year Plan” (FYP13) was approved, setting out a social and economic development blueprint for the country for the next five years. The plan lays out specific economic targets such as GDP growth rates and social development goals in … Continue Reading
By Paul Davies, Andrew Westgate and Alice Gunn China’s Ministry of Industry and Information Technology (MIIT) has recently announced a revised version of the Restriction of Hazardous Substances (RoHS 1), which will come into effect on July 1, 2016. The revised legislation (RoHS 2) has significant implications for domestic and international companies manufacturing electrical and … Continue Reading
By Paul Davies and Andrew Westgate China has launched a green bond pilot initiative via the Shanghai Stock Exchange, encouraging further foreign investment in a rapidly growing asset class and paving the way for issuances by non-financial institutions. This initiative closely follows the publication of green bond guidelines in December 2015 by the National Association … Continue Reading
