China's Hubei Upgrading Ecological Outlook With Low-carbon Transformation

BEIJING, (APP - UrduPoint / Pakistan Point News - 11th May, 2024) Governor of China's Hubei province, Wang Zhonglin said that as an important province in the Yangtze River Economic Belt, Hubei has been reshaping its growth model and upgrading its ecological outlook with low-carbon transformation.

With an average annual energy consumption growth rate of 3%, Hubei has achieved an average annual economic growth of 6%, he said at a press conference here at the State Council Information Office (SCIO). He informed that to accelerate the construction of a green industrial system, the provincial government has focused on greening industrial development.

"We have launched ten green transformation projects, including energy conservation and carbon reduction in key industries, and developed ten circular economy industrial chains, including urban mining", he said and added, these efforts have made economic growth both greener and more productive.

The province has also planned early and laid out the recycling of waste lithium batteries.

Wang said that to accelerate the construction of a clean energy system, the province has made great efforts to develop clean energy.

The installed capacity of electricity has exceeded 100 million kilowatts, of which clean energy accounts for 65 per cent.

To accelerate the construction of a green institutional system, he said, the province has built a carbon emission registration and settlement system and led the green and low-carbon transformation with institutional innovation.

Hubei took the lead in opening up the three major markets of electricity - carbon – finance in the country, initially forming the whole industry chain of carbon markets such as carbon trading and carbon assets. The trading volume of Hubei's carbon market accounted for 42.7% of the country.

"We will build a carbon market and carbon financial centre with national influence, and make Hubei's road to green rise wider and wider", he highlighted.

Wang Zhonglin said that in the second half of this year, Hubei, the Ministry of Ecological Environment, Shanghai will jointly hold the China carbon market conference.

APP/asg