The central authorities have issued guidelines aimed at strengthening industry-finance cooperation and promoting the green and low-carbon transformation of industries. The document encourages financial institutions to develop eco-friendly financial products, support the Guangzhou Futures Exchange in establishing a carbon futures market, and standardize the development of carbon emissions reduction financial services.

In the post-pandemic era, green development has become a top priority worldwide. The frequent extreme weather events reported from around the world as well as this year's global energy shortage should be seen as warnings to realize green development as soon as possible.

On Oct 24, China's top authorities issued a document outlining systematic and overall arrangements for achieving the goals of peaking carbon emissions before 2030 and realizing carbon neutrality before 2060.

And the latest guidelines issued by the four departments will boost industry-finance cooperation for green, low-carbon, high-quality development. To promote the green and low-carbon transformation of traditional industries, funds need to be channelized into green and low-carbon industries, in order to lay a new green industrial foundation for future development.

An industry-finance cooperation mechanism should be established that not only focuses on greening the supply side, but also promoting green consumption and making the demand for green and low-carbon products and services mainstream.

As for traditional industries, they should give priority to ecological protection and green development, and apply new energy and new materials, and introduce new technologies such as digital technology, so as to transform and upgrade traditional industries into green industries by replacing old growth drivers with new ones.

Extensive growth is not sustainable. And investing huge sums of money to achieve green and high-quality development is not only necessary but can also be sustainable and profitable. This is also where the vitality of green finance lies.

China has set the timetable, road map and construction plans for peaking carbon emissions and achieving carbon neutrality, and the goals must be fulfilled on schedule, because this is not only about China's responsibility as a major country and its overall competitiveness in the world but also the well-being of the people around the world.