China Enters a Major International Climate Agreement
Chinese chemical companies must stop emitting HFC-23, a super-pollutant and an unwanted byproduct of the production of hydrochlorofluorocarbon-22. China and India dominate the global HFC-22 production, with 75% in 2017. China recently began enforcing the Kigali Amendment to the Montreal Protocol. The agreement requires China and other countries to stop emitting HFC-23, which is 14,600 times more powerful than carbon dioxide in warming the atmosphere.
In an address to the U.N. General Assembly, Chinese president Xi Jinping made a new climate commitment not to build any new coal-fired power projects abroad. China will also increase financial support for more green energy projects. The pledge came hours after United States President Joe Biden announced a plan to double financial aid to poorer nations to $11.4 billion by 2024 to help those countries switch to cleaner energy and cope with global warming’s worsening effects.
“We need to accelerate a transition to a green and low-carbon economy,” Xi said in a speech at the U.N. General Assembly. “We will make every effort to meet these goals. China will step up support for other developing countries in developing green and low-carbon energy, and will not build new coal-fired power projects abroad.”
The United Nations first targeted HFC-23 emissions in China in 2006, when a U.N. program known as the Clean Development Mechanism or CDM began incentivizing HCFC-22 producers to destroy their HFC-23 emissions. The program paid HCFC-22 producers in China and other developing countries emission reduction credits, traded with developed countries to meet their emission reduction targets under the Kyoto Protocol.
Although China has committed to reducing greenhouse gas emissions, ten companies in China built new HFC-22 capacity after April 2015 or are currently building new production facilities. In addition, three companies have also expanded or are in the process of expanding their HCFC-22 production capacity.
However, in another encouraging sign, the Bank of China said that it would no longer provide financing for new coal mining and coal power projects outside of China.