Sustainable development has three main pillars: economic prosperity, social progress and environmental balance. These three components must be viewed in context and an effort made to maximise economic prosperity and social progress without harming the environment. The process is a complicated one and depends upon the cooperation of government, industry and individual members of society.
It is Chayora’s policy to promote sustainable development within Chinese society.
Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
Chayora is committed to managing our resources responsibly and we are constantly innovating to improve the way we design our infrastructure and operate our data centres. That means we are always looking at new technology to optimise energy efficiency, reduce carbon emissions and waste. We also recognise our position in the community and we are always committed in creating a positive impact in everything we do.
Chayora ensures that its policy on sustainable development and corporate social responsibility is executed by setting clear goals and by following these three main guidelines in its operations.
China is leading the world in green investment, stimulated by a series of domestic economic and structural reforms over the last few years.
In 2015 the country committed to meeting the following targets by 2030:
- To cut carbon dioxide emissions (per unit of GDP) by 60% to 65% from 2005 levels.
- To increase the share of non-fossil fuels in its energy mix from about 11% in 2016 to 20%.
- To increase by about one-third the amount of total forest cover from 2005 levels.
The key to meeting China’s climate change goals was to reduce coal use and it is achieving this by:
1. Replacing coal with renewable energy (wind, solar, biomass)
2. Restructuring the economy so it does not need so much energy
The country’s renewable power capacity has since exploded because of generous state subsidies and by June 2018, renewables accounted for 40% of the country’s total power capacity.
China has outpaced the US and EU combined in renewable energy investment, accounting for 45% of its global investment in 2017. A Bloomberg analysis revealed that China is likely to maintain its lead in the coming decades, with 21% of global solar-photovoltaic installation and a third of global wind power installation in its portfolio by 2050. Large Chinese international clean-energy projects also grew from $32 billion in 2016 to $44 billion in 2017. China’s total overseas energy investment in the form of foreign direct investment and construction contracts amounted to $35 billion between January 2017 and June 2018.
China’s green investment is not limited to clean energy. It has already set a record domestic investment in other green sectors, such as low-carbon transportation, green buildings, and wastewater treatment.
China has four of the world’s top ten wind turbine manufacturers and is producing a third of the planet’s wind power, in addition to activity in solar power and reducing carbon emissions. China also ranked 3rd globally in installed capacity offshore wind turbines, accounting for 11 percent of the world’s total at of the end of 2016, after Britain and Germany.
A recent Institute for Energy Economics and Financial Analysis (IEFA) report has shown that China now invests more in European wind projects than in Australian projects, which in recent years had received substantial amounts of money from China. Notably, Chinese private and state sectors invested US$6.8 billion in European wind projects from 2011 to 2017 compared with US$5 billion in Australia.
While Chinese foreign renewable energy investments were boosted by the launch five years ago of its Belt and Road Initiative, its foreign renewable energy investment now extends well beyond that framework. As an example, the UK offshore market is predicted to double by 2030, and currently represents Europe’s biggest offshore wind market, China’s offshore wind capacity is predicted to overtake the UK’s by 2022.
China’s installed solar power capacity was nearly 30 million kilowatts by 2017 and is expected to exceed 160 million kilowatts by 2020, accounting for almost 10 percent of the country’s total installed electricity capacity.
In 2017, investment in China’s new energy vehicle (NEV) industry surpassed 100 billion U.S. dollars, accounting for over 50 percent of the newly increased investment in the country’s vehicle industry. For three consecutive years, China has remained the world’s largest NEV market, with some 777,000 cars sold in 2017. By July 2018, China has built 275,000 electric vehicle chargers, up 52 percent year on year. Exclusive license plates for NEVs have been used across the country.
China has a superior level of political commitment, for example the 13th Five-Year Plan (2016-20) which made green finance a national priority with a commitment to establishing a green financial system, developing green credit and bond products, and launching green development funds. In 2016 121 new green funds were established, mainly using the public-private partnership (PPP) model, leveraging investment from both domestic and international private capital markets. In 2017, green bonds issuance in China reached a record $37.1 billion, making China the world’s second-largest green bond market with a 15% market share. According to China Public Private Partnership Center’s official report, China has invested in 1,556 green and low-carbon infrastructure projects by the end of 2017 with a total investment of $276 billion in the form of PPPs.
China has promised to cut carbon emissions per unit of GDP by 60-65 percent by 2030 from 2005 levels. It has already cut coal production capacity by 800 million tonnes in the last 5 years, and seen a reduction of coal consumption of 8.1 percent.
In 2017 China’s investment in clean energy was 132.6 billion U.S. dollars , accounting for nearly 40 percent of the global total. By 2020, the country plans to invest 2.5 trillion yuan (about 370 billion U.S. dollars) in renewable energy, according to the National Energy Administration.