Asia Should Lead Global Decarbonization, Ex-PBOC Chief Says

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Zhou Xiaochuan, vice chairman of the Boao Forum for Asia and a former governor of the People’s Bank of China. Photo: VCG

A former governor of China’s central bank told a Tokyo forum that Asia should take the lead in global decarbonization and advocated an “establish before breaking” approach to economic transition to garner public support.

“The speedy advancement of new energy is crucial to fulfill Asia’s massive demand and reduce emissions,” said Zhou Xiaochuan, noting the region already contributes to half of global carbon emissions and its electricity consumption may also reach that proportion by 2025.

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Zhou Xiaochuan emphasized that Asia should lead global decarbonization and proposed an "establish before breaking" approach for economic transitions.
He highlighted Asia's significant carbon emissions, potential for further energy consumption, and the need to accelerate new energy development and carbon markets.
Financing the green transition requires international cooperation, with Asian economies' high savings rates and regional banks playing vital supporting roles.

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