Chinese President Xi Jinping on Tuesday, October 12, 2021 said China would take the lead by investing 1.5 billion yuan (about $233 million) to establish the Kunming Biodiversity Fund.
Xi made the remarks while addressing the leaders’ summit of the 15th meeting of the Conference of the Parties to the Convention on Biological Diversity via a video link in Beijing.
He said the fund will be used to support developing countries in biodiversity protection.
“China calls on and welcomes all parties to make contributions to the fund.”
Xi said China would release implementation plans for peaking carbon dioxide emissions in key areas and sectors as well as a series of supporting measures
He added that it is to achieve its carbon peak and neutrality targets.
“The country will also put in place a “1+N” policy framework for carbon peak and carbon neutrality.
“It will continue to readjust its industrial structure and energy mix and vigorously develop renewable energy.
“China will make faster progress in planning and developing large wind power and photovoltaic bases in sandy areas, rocky areas, and deserts.”
The president revealed that the construction of the first phase of projects with an installed capacity of approximately 100 million kilowatts has recently started.