They involve dramatic shifts in resource use, which are not painless as workers are temporarily displaced and industries are disrupted. The pain is immediate, and the payoff comes slowly. However, the gains also can be significant, as more sustainable long-run economic growth is well worth the effort and sacrifice. In a recent visit to Singapore, I witnessed that nation’s commitment to job creation.
This has enabled the financial institutions to lend out more than 230 billion yuan to qualified carbon reduction programs and led to an annual reduction equivalent to over 40 million tons of carbon dioxide emission. Green finance has also enjoyed rapid growth. As of end-March, the amount of green bonds reached 1.3 trillion yuan, up by 36% year on year.