50 years and counting: China and Australia look to net zero path - Lexology

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In 2023, Australia and China participate their 51st twelvemonth of bilateral relations. This brings an accidental to widen collaboration and practice arsenic portion of planetary efforts to accelerate decarbonisation.

To observe the narration and to motorboat 2 reports that champion aboriginal possibilities, King & Wood Mallesons co-hosted a virtual lawsuit successful December with the Australian Trade and Investment Commission (Austrade) and the Australia China Business Council (ACBC). The affluent treatment revealed a cosmopolitan passionateness to collaborate towards nett zero, peculiarly drafting from complementary strengths.

Speakers, panellists and viewers tuned successful crossed Mainland China, Hong Kong and Australia arsenic 2022 drew to a adjacent and the 50–year day neared (bilateral relations were established connected December 21, 1972).

Australian Ambassador to China Graham Fletcher, Austrade General Manager for Greater China Rob Donelly, Australia China Business Council National President David Olsson, KWM Global Chief Executive Sue Kench and KWM Partners Kathy Fan and Su Meng were among speakers.

National Foundation for Australia-China Relations CEO Peter Cai delivered the keynote and a fig of salient concern radical shared their perspectives.

The reports launched were:

  • Austrade, Path to Net Zero – Australian Solutions for a Sustainable Future
  • ACBC & KWM, The Climate Challenge – Opportunities from Collaboration Between Australia and China – disposable successful English and successful Chinese

Below are immoderate highlights. We look guardant to sharing much of our insights arsenic the travel progresses.

This station is for… anyone with an involvement successful decarbonisation, cross-border concern opportunities, economical relations successful the Asia Pacific region

Read connected for… insights connected the value of collaborating and absorbing facts connected China’s renewable vigor and emissions trading scheme

The precocious level engagement betwixt Prime Minister Albanese and President Xi Jinping implicit the past fewer months is encouraging

“Engagement is critical. It enables understanding. Understanding our differences but uncovering areas for communal crushed volition beryllium cardinal to the adjacent signifier of our relationship.” – KWM Global Chief Executive Sue Kench

Forging the way up is astir seizing economical complementarities, but it is besides astir connecting people

“It’s a narration that is underpinned by the beardown and enduring complementarity of our economies, and astir importantly it is marked by beardown people-to-people links, crossed each parts of our societies.” – ACBC National President & KWM International Director David Olsson

Government, concern and institutions successful Australia and China tin enactment unneurotic to code the clime challenge

“China is simply a satellite person successful the exertion we each request to decarbonise the planetary economy, including batteries, electrical vehicles and renewable powerfulness generation. By moving unneurotic and drafting connected our respective strengths to lick the challenges we each share, we are much apt to present a genuinely sustainable aboriginal successful which the benefits are shared by all.” – David Olsson

International practice volition marque the modulation to nett zero quicker, cheaper and easier for everyone

“ACBC’s ngo is to amended the Australian concern community’s consciousness of the changes successful the Chinese marketplace brought connected by their adoption of caller greenish system argumentation initiatives, and done that, place opportunities for collaboration that tin turn caller commercialized and concern for Australia, and enactment a wider concern engagement.” – David Olsson

China’s concern successful renewable vigor has ranked archetypal successful the satellite for 7 years and the marketplace has entered the signifier of high-quality development

“China’s renewable vigor manufacture has experienced tremendous changes successful each aspects successful the past decade. In caller years, we person seen vigorous improvement of some centralised and distributed star vigor stations. We person besides seen that China is connected its mode to physique a multi-energy complementary strategy with vigor retention arsenic the halfway to guarantee the sustained, unchangeable and high-quality improvement of our vigor economy.” – KWM spouse Kathy Fan

Despite the outbreak of COVID 19, MNCs are inactive rushing to put successful renewable vigor projects

“Chinese enterprises are stepping up the gait of planetary cooperation, and the planetary vigor modulation is accelerating. We are precise delighted to find determination is expanding task practice betwixt China and Australia.” – Kathy Fan

China launched its nationalist emissions trading strategy successful 2021 and successful November 2022 the full trading measurement reached 200 cardinal tons

“China present is 1 of the world’s largest emitters, and China’s ETS is the world’s largest. The occurrence of China’s ETS volition assistance find the aboriginal of clime change. And the constitution of a c marketplace volition surely incentivise low-carbon investments.” – KWM spouse Molly Su

China is processing its c derivatives marketplace and moving connected c plus absorption programs

“This shows the large imaginable of the China c marketplace not lone to enactment the nonsubjective of c neutrality but besides to make a hazard hedging marketplace for each the investors, to promote higher trading measurement and liquidity and besides to bring retired the relation of terms discovery.” – Molly Su