In today’s world, green development has become a global consensus, with the devastating effects of climate change becoming more apparent. Chinese President Xi Jinping has introduced eight major steps to enhance collaboration under the Belt and Road Initiative, with a specific focus on green development.
The tenth anniversary of the Belt and Road Initiative in China saw over 200 cooperation agreements signed with more than 150 countries and 30 international organizations. Many of these projects are expected to revolve around green energy, sustainable infrastructure, and transitioning to a low-carbon economy.
With the Asian Development Bank estimating that ASEAN countries will need nearly US$3 trillion annually for infrastructure development by 2030, there is a significant demand for green finance in the region. To address this, the Chinese government launched the Government Sustainable Bond Programme in 2018, issuing bonds worth around US$25 billion to fund various green projects like green buildings, waste management, energy efficiency, and conservation.
Overall, the push towards green development is crucial for a sustainable future, and initiatives like these are paving the way for a more environmentally-friendly world.
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