What Happened: President Xi Jinping has announced that China will commit to strengthening its 2030 climate targets, peak its emissions before that year and most notably, will aim to achieve carbon neutrality by 2060. This unexpected pledge on decarbonization came during the UN General Assembly and was greeted enthusiastically by campaigners and policy-makers, with one hailing it as “a game-changer.” China emits the most carbon emissions in the world, and by making this commitment, it has offered some hope before Cop26: the UN Climate summit that many say is the world’s last chance to meet the goals of 2015’s Paris agreement.
The Jing Take: Because of COVID-19, the climate crisis has been put on the backburner, but these targets are important markers for holding countries accountable. This promise from Beijing would help hold global warming to well below 2C (a number that is seen by many as the limit for safety). Xi has called for a “green recovery” from COVID-19 while also saying that his government will be “adopting more vigorous policies and measures” to meet this promise.
When China sets a plan in action, it tends to stick to it. According to an independent scientific analysis called the Climate Action Tracker, China’s government has issued broader stimulus packages to recommit to transitioning the country’s industry and labor forces toward a modern, digital economy. Now, with China and the EU both committing to climate action, the pressure is on the US and President Trump to participate as well.
The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.