Affluent regions in China invest more on fossil fuel

According to latest analysis by environmental group Greenpeace, Guangdong, Zhejiang and Shanghai regions in China have continued to increase the amount of money spent on fossil fuel projects.

While China’s economic hubs are heeding Beijing’s order to turn away from coal, experts found that these regions are shifting to fossil gas instead.

Some of China’s most affluent regions have doubled down on fossil fuel, despite the country’s pledge in 2020 to become carbon neutral by 2060.

While several Chinese cities and provinces with the nation’s highest GDP – including Guangdong, Zhejiang and Shanghai – have poured investment into developing low-carbon technology and renewable energy, they have also continued to increase the amount of money spent on fossil fuel projects, especially in gas, according to the research.

The southern province of Guangdong, China’s largest regional economy, invested 385.1 billion yuan (US$56.5 billion) in fossil fuel projects so far this year, up 21.8 per cent since 2020, according to Greenpeace.

The eastern province of Zhejiang, China’s fourth-largest regional economy, and the neighbouring coastal metropolis of Shanghai, the tenth-largest regional economy, have also increased their investment in fossil fuel projects this year at the annual rates of 5 per cent and 19.9 per cent to 92.3 billion yuan and 31.5 billion yuan, respectively.