The Magazine for Asian Investors
Carbon Brief, a British climate research website, has found that China’s carbon dioxide emissions fell by about 8% in the second quarter of 2002 compared with the same period last year. This is the fastest decline in a decade.
The report states that the decline in emissions is due to a sharp slowdown in China’s economic growth. This is a result of the strict enforcement of lockdown measures to contain the spread of COVID-19 and the crisis in the real estate sector, which is struggling with huge debt.
China is the country with the highest carbon dioxide emissions in the world. However, the country’s emissions fell for the fourth quarter in a row.
An analyst at the Finnish Center for Energy and Air Pollution Control, which collects data on carbon, said the number of construction projects started in China dropped 44% and the number of construction projects completed fell 33% in the second quarter of 2002.
The construction sector predominantly uses steel. The steel industry is China’s second-largest carbon-emitting sector after energy production.