Page 16 - Research on Financial Development Mechanism and Path of Forestry Carbon Sequestration in Developing Countries under Double Carbon Targets

Research on Financial Development Mechanism and Path of Forestry Carbon
Sequestration in Developing Countries under Double Carbon Targets

planning, carbon sink function and international trade.
1.1.1 The “Double Carbon” Target Promotes the Change of Traditional Devel-
opment Mode

The energy structure of “rich in coal, poor in oil and less in gas” causes China to
face significant pressure of carbon emission reduction. Based on the characteristics of
the basic energy structure, the traditional industries of high carbon, construction and
transportation will usher in significant changes in development mode. For example,
China’s current major carbon emission industry, the high-carbon industry, can be divid-
ed into sectors with high energy consumption, such as production and supply of elec-
tricity, steam and hot water, smelting and rolling of ferrous materials and forming and
processing industry, non-metallic mineral industry, crude oil processing and coking,
petrochemical raw materials and chemical products. Statistics from China’s Carbon Ac-
counting Database (CEADs) show that the carbon emissions from the production and
supply of power generation, steam and electric water heaters in China are increasing
significantly. By 2019, the total carbon emissions from the production and supply of
power generation, steam and electric water heaters in China exceeded 4.6 billion tons,
nearly four times the carbon emissions in 2000. The four major high-carbon industries,
namely, production and supply of electricity, steam and thermal hydraulic power, smelt-
ing and rolling processing of ferrous metals, non-metallic mineral industry, processing
of chemical raw materials and chemical products, are important industries for the de-
velopment of the national economy. The operating income of these four high-carbon
industries accounted for 7.56%, 6.59%, 5.60% and 6.20% of the total industrial operat-
ing income in 2019 respectively. In the process of achieving the “double carbon” target,
it will have a significant impact on the basic industries of the economy. If we want to
achieve the “double carbon” goal while ensuring the stable operation of the economy,
fundamental changes will take place in the traditional basis and mode of development.

1.1.2 The “Double Carbon” Target Promotes Emerging Development Forces

Since China put forward the “double carbon” target, the green industry represent-
ed by renewable energy has made outstanding achievements. According to the data
of the State Energy Administration of China, China’s total installed renewable energy
capacity exceeded the 1 billion kilowatt-hour mark in 2021; In addition, the total in-
stalled capacity of wind and photovoltaic power generation has exceeded 300 million
kilowatt hours; The offshore wind power installation has broken through the first place

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