At the sixth Bund Summit in Shanghai, a global financial hub, financial leaders gathered to address urgent challenges amid heightened uncertainty. The focus was on the pivotal role of finance in tackling climate change and driving the energy transition.
CGTN hosted a roundtable discussion moderated by anchor Michael Wang, exploring the next steps in energy transition.
Former French Finance Minister Edmond Alphandery emphasized the need for stronger implementation of the Paris Agreement. He called for a global consensus on carbon pricing and urged international organizations like the World Trade Organization to collaborate in addressing carbon pricing challenges.
Eddy Wong, CEO of Amundi Asia, highlighted the significant gap between current energy transition investments and the $3 trillion to $5 trillion needed to meet climate targets. He called for increased investment in the coming years.
Ning Gaoning, former chairman of Sinochem Holdings, underscored China's leading role in climate action and its commitment to sharing innovative technologies in electric vehicles, solar, and nuclear energy with the world.
According to the International Renewable Energy Agency, China contributed more than half of the global increase in renewable energy capacity in 2023.
Liu Shijin, former vice-minister of the Development Research Center of the State Council, pointed out the dramatic cost reductions in solar and wind energy over the past decade, making these resources more competitive than coal. He emphasized the importance of continued reform and development to address challenges and promote the growth of the renewable energy sector.
The three-day Bund Summit was jointly organized by the China Finance 40 Forum and the China Center for International Economic Exchanges.
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Financial leaders call for faster energy transition at Bund Summit
cgtn.com
