China Announces First Greenhouse Emissions Target

Dec 1 2009 | 12:00am ET

Chinese Premier Wen Jiabao will bring something with him when he attends the climate summit in Copenhagen next month – his country’s first firm target to cut greenhouse gas emissions.

On Thursday, China, the world’s biggest emitter of greenhouse gases, pledged to cut the amount of carbon dioxide produced for each yuan of national income 40-45% by 2020, compared to 2005 levels.

The announcement follows U.S. President Barack Obama’s Wednesday pledge to cut emissions 17% from 2005 levels by 2020.

Although welcomed by Copenhagen summit organizers, the Chinese and U.S. targets fell short of environmentalists’ hopes. Obama has been criticized for using 2005 as the benchmark year, rather than 1990. The Intergovernmental Panel on Climate Change has recommended a 25-40 % reduction in greenhouse gas emissions from industrialized countries by 2020 based on 1990 levels. Several nations already feeling the effects of climate change have endorsed that target.

Nonetheless, the announcements by the world’s two biggest emitters are expected to give a boost to the Copenhagen discussions.

“The U.S. commitment to specific, mid-term emission cut targets and China’s commitment to specific action on energy efficiency can unlock two of the last doors to a comprehensive agreement,” said Yvo de Boer, head of the UN Climate Change Secretariat.


In Depth

Q&A: Filippo Pignatti Morano On The Ultimate Alternative Investment...Classic Cars

Jan 29 2015 | 12:37pm ET

In 2011, Filippo Pignatti Morano launched a fund to invest in classic cars. FINalternatives...

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

Five Tips For Successfully Marketing Your Hedge Fund

Jan 30 2015 | 9:14am ET

When it comes to the hedge fund industry, the notion of “build it and it will...

 

Editor's Note