Caixin
Nov 23, 2022 08:09 PM
CHINA

Ex-Central Bank Chief Dismisses Concerns of Multinationals’ ‘Greenwashing’

Former People’s Bank of China Governor Zhou Xiaochuan. Photo: VCG
Former People’s Bank of China Governor Zhou Xiaochuan. Photo: VCG

Former China central bank governor Zhou Xiaochuan said there is no need to be overly concerned about multinational corporate emitters buying cheap carbon credits from developing countries for “greenwashing” purposes, as global carbon prices will level off eventually.

Zhou made the statement after the 2022 United Nations Climate Change Conference, or COP27, concluded over the weekend. The conference discussed allowing private companies to purchase carbon credits from governments, but some parties expressed concerns that such a scheme would allow large corporations to avoid their actual emission reduction responsibilities.

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