China, having made significant strides in green and sustainable development, is expected to play a crucial role in addressing the financing gaps for sustainable development in the Global South, according to a United Nations Development Program (UNDP) official.
Beate Trankmann, the UNDP Resident Representative in China, made these remarks in an interview with China Global Television Network (CGTN) conducted during the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC), which was held Wednesday to Friday.
Trankmann highlighted China's investment in renewable energy, noting that China sets a great example in demonstrating how to integrate emission reduction with biodiversity protection.
"I think China is showing quite remarkable progress in these areas. If you look at, for example, the investments in renewable energy that China has been making, this year alone, the first seven months, 126 gigawatts into solar of additional capacity [and] 29 gigawatts of additional capacity for wind power. China has a vital role to play and can also show how one can combine emission reduction with biodiversity protection," she said.
"Given that intact ecosystems are so important to absorb excess carbon, they act as carbon sinks. So as the UN and UNDP in particular, we work with China across all of these agendas. I think it's a very fruitful partnership," added Trankmann.
She also pointed out the financial challenges faced by many countries in the Global South, noting China's ability to help bridge these gaps.
"China has the ability to support also some of the financing gaps that we are seeing in a lot of the South-South countries. The debt burden in many countries is very high. There is not enough resources to go into sustainable development. So China and other countries can actually help to provide predictable, long term financing into the Sustainable Development Goals. And I think it's these types of platforms, international South-South cooperation that will help other countries that don't bring the scale, the expertise, the financial debts to also gain speed," she said.
Trankmann specifically praised the 10 partnership action plans proposed by Chinese President Xi Jinping at the just-concluded FOCAC summit, describing them as a positive development amid constrained public financial resources.
These action plans cover areas including mutual learning among civilizations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihood, cultural and people-to-people exchanges, green development, and common security.
"The 10-action program (or) plan that the president put forward and that was negotiated through the summit conversation, reflects those needs and provides responses to those asks. And I thought it was very positive to also see finance and funding being put behind the plan, which is critical in a time where public resources are so constrained," Trankmann said.
The 2024 FOCAC summit is the largest diplomatic event hosted by China in recent years, with the announcement of the 10 partnership action plans being one of its major outcomes.