China is the world’s largest carbon emitter due to coal to fuel its massive economy. China has changed its approach to cutting carbon emission since the disastrous Copenhagen negotiation in 2009. It was blamed for blocking an agreement. The government is now taking the need to cut emissions seriously and it reflected in its submission to the United Nation (UN).
Therefore China attempts to reduce its coal consumption, it is ramping up the use of renewable energies, aiming for non-fossil fuels to make up around 20% of its primary energy consumption by 2030. GCF sees an opportunity to step in to China and launch their product.
WHAT IS GCF FUTURE PLANS?
Stepping in to China is GCF first Asia country and GCF will be targeting China for a long period of time due to the huge population of China. GCF target to generate 1 million tonnes of carbon credit which is equivalent to more than $30 million value in China market.
For the following years, GCF targeting on the neighbouring Asia counties such as, Thailand, Vietnam, Philippines, Myanmar and Cambodia. GCF will create more versatile and variety investment package to meet the demands of the client. GCF also hope to increase market share of ASIA client up to 35% of total global client pool.