Energy, Environment & Infrastructure
Targeting Net Zero | CBBC Webinar Series Exploring the Themes of COP26
As COP26 takes place in Glasgow and Climate Action comes to the forefront of international news and debate, the China-Britain Business Council (CBBC) is delighted to announce the launch of our new report, Targeting Net Zero: The Role of UK-China Business, which was released at a special launch event in Glasgow yesterday on 9th November 2021.
Sponsored by KPMG and compiled by CBBC Members, the report explores the themes of COP26 and examines the role that Chinese and British businesses can play to reach Net Zero and carbon neutrality targets by 2050 and 2060 respectively.
Focused on five key themes – Energy Transition, Adaption and Resilience, Cleaner Transportation, Green Finance, and Nature – the report sets out key opportunities for business and case studies of how UK and Chinese firms are already working together to drive the low carbon transition, through their investment, their technologies, and their services.
Amongst case studies of companies already seizing the opportunities that cooperation with China presents are Sunamp, London Stock Exchange, CGN, Alexander Dennis, China Resources Power, XAG, Wood Plc, Met Office, HSBC, and Red Rock Power Ltd.
The China Opportunity in Climate Action
KPMG’s Net Zero Readiness Index, comparing the likelihood of 32 major economies reaching Net Zero by 2050, places the UK at number two while China is further back at number 20. This reflects the different stages of development of the two economies.
But both the UK and China have set ambitious targets for themselves under the Paris Agreement. China has committed to reach peak emissions by 2030 and to become carbon neutral by 2060. Meanwhile the UK was the first major economy to commit to Net Zero by 2050.
At a time when many UK companies are facing tough trading conditions at home and internationally, the China opportunity is more important than ever for UK businesses and jobs especially in relation to the UK's post Covid recovery.
CBBC’s Targeting Net Zero report highlights the benefits to the UK economy and importance of a healthy trade and investment relationship with China, with it expected to become the world’s largest economy by 2030.
At the report launch event in Glasgow, Andrew Seaton, CBBC Chief Executive, said:
“Today’s report shines a light on the importance of strong and positive business and trade relations with China. British firms are already doing important work with, and in, China in low carbon technologies. But there is much more to do.
The world’s eyes are on COP26 in Glasgow. China is currently the world’s largest carbon emitter. Its transition towards a zero-carbon future is critical for the global climate effort.
And it is a transition which offers Immense opportunity for UK business. And not just for large companies, but for all British firms – some of the most innovative in the world – of all sizes, in all sectors, and across all regions of the UK.”
Simon Virley, Vice Chair and Head of Energy and Natural Resources at KPMG UK, said:
“Climate change is a global problem requiring global solutions and new forms of collaboration around the world. Innovation in new low carbon technologies will be key to solving the climate crisis. The ‘Glasgow Breakthrough’ priorities identified at COP26 are all critical to meeting the Paris Agreement targets.
The UK-China Road to Net Zero report highlights the key areas where UK and China businesses can work together and lead the world as we make the transition to a Net Zero economy.”
View photos from the launch and following banquet event here.
Watch the report launch event video recording here.
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