China always pushes forward energy transition with relevant countries by generating more renewable energy to reduce carbon emissions. It also continually helps build some coal-fired power plants in some of the developing countries that have abundant coal resources. This helps lower electricity generation costs, while guaranteeing low-carbon and clean production processes through use of advanced technologies. In fact, China has helped build many renewable power plants in BRI economies. The power plants already put into use have shown high economic and social efficiency. Albeit the fact that China and Pakistan have agreed to build some coal-fired power plants, all these projects were carried out with the most advanced clean coal-fired technologies, to ensure effective control over emissions and energy costs. During recent decades, China has sought to strictly limit generation of coal-fired energy both within the country and abroad. The “Guiding Opinions on Promoting Investment and Finance to Coping with Climate Change” has stated that any coal-related construction projects shall be strictly limited.
In 2020, the People’s Bank of China, the central bank, also revised the “Green Bonds Endorsed Projects Catalogue” so that projects using traditional fossil energy would no longer be supported. Domestic pilot carbon market has traded over 400 million tons, becoming the second-largest carbon market in the world.