Wind turbines in Zhoushan, Zhejiang province, slowly turn with the help of sea breezes and generate green electricity for places across the country on July 2, 2023.

The Association of International Chemical Manufacturers (AICM), a global industrial organization, plans to encourage its member companies to take a range of actions to reduce their carbon footprint in China in 2024, according to its top executive.

"These actions include the adoption of energy-efficient technologies, investment in renewable energy sources, and the development of low-carbon products and solutions," said Li Lei, AICM's chairman. "Many of our members have set clear targets to achieve carbon neutrality or net-zero emissions, and they are implementing strategies to meet these goals," he said.

AICM represents an association of nearly 70 major multinational companies in the chemical industry of China.

China aims to peak carbon dioxide emissions before 2030 and realize carbon neutrality before 2060.

"We recognize that achieving carbon neutrality is an immense and complex task that requires a combination of policies, technologies and behavioral changes by the whole society," said Li, adding the AICM will continue to engage with its members and other stakeholders to identify and implement effective solutions.

This will support China's transition to a low-carbon economy while meeting the demands for chemical products, he added.

AICM has implemented several initiatives and programs to promote sustainability and environmentally responsible practices among its members. Through its Open-to-Public events, university collaborations, and educational seminars, it has fostered a culture of environmental responsibility within our association that benefits both the environment and our members' businesses.

"We will continue to work closely with our members to identify new opportunities for sustainability and collaborate with other key stakeholders to advance the chemical industry in a more environmentally responsible direction," said Li.

Echoing that sentiment, Sun Fuquan, vice president of the Beijing-based Chinese Academy of Science and Technology for Development, said the advancement of digital technologies and the growth of renewable energy sectors are poised to be major catalysts in the global economic recovery.

Proper implementation of digital technology can play a crucial role in driving environmental sustainability, said Sun.

In each program under the mode, there are projects for environmental protection and industrial development. While the environmental projects can help increase the income of the industrial ones, the proceeds from industrial development will be partly used to further enhance environmental conservation, according to the document.

Mainly supported by government investment, environmental protection work in China is facing challenges such as inadequate overall investment as well as inadequate investment and financing channels, the document noted.

The EOD mode is expected to alleviate pressure on the government to raise funds for environmental protection and boost investment from social capital and financial institutions, and effectively address the lack of finance in environmental governance.

Financial institutions will be encouraged to explore financial products and services that cater to the characteristics of EOD programs, the document said. They will also streamline the procedures to examine and approve loans for EOD projects and introduce preferential policies for them.