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BRI: embracing Chinese green practices for a sustainable future

Editor's Note:

This year marks the 10th anniversary of the Belt and Road Initiative (BRI) proposed by Chinese President Xi Jinping. Through the lens of foreign pundits, we take a look at 10 years of the BRI - how it achieves win-win cooperation between China and participating countries of the BRI and how it has given the people of these countries a sense of fulfillment.

In an interview with Global Times (GT) reporter Li Aixin, Erik Solheim (Solheim), former under-secretary-general of the United Nations and former executive director of the UN Environment Programme, recalled how the BRI helped shorten a previously long journey in Sri Lanka to a half-hour trip. "We will all be losers in a de-globalized, de-coupled world. The BRI can play a key role in bringing the world together," Solheim said.

This is the 18th piece of the series.

GT: How do you evaluate the role of the BRI in promoting development in participating countries over the past 10 years?

Solheim: The BRI has been a major driver of development since it was announced by President Xi Jinping in Kazakhstan 10 years ago. The China-Laos Railway has connected landlocked Laos to the Chinese and European rail network, making it possible for Laos to sell more goods and welcome more tourists. Rail corridors in Kenya and from Djibouti to Addis Ababa connect the interior of Africa to the coast, bringing opportunities for much faster development in East Africa. The Bandung-Jakarta railway in Indonesia, Hanoi metro, roads and ports in Sri Lanka - there are great examples of good south-south and BRI projects in almost every corner of the world.

GT: In your experience of traveling around the world, has any BRI-related story left a deep impression on you?

Solheim: Yes, many! I'll just mention two.

When I was chief negotiator in the Sri Lanka peace process 15 years ago, it took a long time to travel from the airport to Colombo, the capital of Sri Lanka. When I came back last year, it took half an hour on wonderful Chinese-built highways.

Traveling through Mombasa, a coastal city in Kenya, you see a lot of poverty and run down houses. Then all of a sudden, a green, clean, well-run oasis opens up. It's the end station of the Nairobi-Mombasa railway which links the capital Nairobi to the coast. The rail station stands out and is showing the future for Kenya.

GT: The EU proposed the Global Gateway, and the US proposed the Build Back Better World. What do you think are the similarities and differences between these projects and the BRI?

Solheim: I really wish success for the Western initiatives. What developing nations ask for is a choice of good cooperation with both China and the West. Unfortunately, up to now, a number of the Western-led initiatives have been more like media events. They lack structure, secretariat, finances and clear direction. Nearly all nations in the world want to see close people-to-people relations, investment and political cooperation with both China and the West. No one wants to choose.

GT: Some people from the West are talking about "de-coupling" and "de-risking." Both seem to be another way of saying "de-globalization." Do you think "de-coupling" and "de-risking" will affect the BRI? And what role will the BRI play in maintaining globalization?

Solheim: Decoupling is probably the most unwise idea in the world today. It's outright dangerous. Facing climate change, environmental degradation, economic troubles, war in Ukraine and other places, and the threat of pandemics, we need more, not less, cooperation. We will all be losers in a de-globalized, de-coupled world. The BRI can play a key role in bringing the world together. Almost all developing countries have made BRI agreements with China. As an example, when President Xi met all the leaders of Central Asia recently in Xi'an, Northwest China's Shaanxi Province, they made a very ambitious declaration on future green cooperation between China and Central Asia.

GT: You have previously said that the BRI is a fantastic vehicle to promote green global development, which can boost the economy and ecology at the same time. Could you elaborate on how you think the BRI has achieved development of the economy and ecology?

Solheim: In the beginning there were too many fossil fuel projects among BRI programs. In the BRI International Green Development Coalition, we argued this should stop. When President Xi pledged to stop building new coal-fired power projects overseas, it was one of the most important environmental decisions ever. Also, it happened at a time when important BRI nations like Bangladesh, Kenya and Pakistan decided they could grow their economies and go green without coal. The BRI will in the next decade become the world's most important vehicle for green energy and green transport. We will see massive investments in solar and wind power, hydrogen, electric batteries and more.

GT: How do you view China's goal of achieving harmony between humanity and nature in modernization? In what way is China's story in pursuing harmony between humanity and nature relevant to other countries?

Solheim: China now covers between 60 percent and 80 percent of all major green technologies in the world - solar, wind, hydro, batteries, electric cars and high-speed rail. Companies like Longi, BYD and CATL are the world leaders in their sectors.

More remarkably and maybe less noticed abroad, China is also a global leader in protecting nature. It's embarking upon one of the most massive national park programs, with a focus on Qinghai Province and Xizang Autonomous Region. China is by far the biggest tree planter in the world and the global leader in desert control in Kubuqi, Inner Mongolia and other places. China has been hugely successful in the recovery of endangered species like the Giant Panda, Tibetan Antelope and Snow Leopard.

A new center for mangrove restoration is being set up in Shenzhen and the fishing ban in the Yangtze will restore that magnificent ecosystem.

The Belt and Road is a great opportunity for the world to learn from good Chinese green practices.

Amid rising regional tensions, the US announced that it will hold another Rim of the Pacific military exercise
The U.S. Navy's Pacific Fleet announced on Wednesday (May 22) that the 2024 Rim of the Pacific Exercise (RIMPAC 2024) is expected to take place on June 26, with 29 countries participating in and around the Hawaiian Islands, a larger lineup than the previous exercise in 2022. The Philippines, which has had multiple maritime conflicts with China recently, and Japan, which has tense diplomatic relations with China, will send troops to participate. China has been excluded from participating in the international military exercise since 2018, and its aggressive actions and reactions are causing tensions in the Pacific region to continue to rise. The biennial Rim of the Pacific military exercise is the world's largest international maritime exercise. The U.S. Navy said that the exercise will last until August 2, and it is expected to involve 29 countries, 40 surface ships, 3 submarines, 14 countries' army forces, more than 150 aircraft and more than 25,000 personnel. The U.S. Navy said that the theme of the 29th RIMPAC 2024 is "Partners: Integrated and Ready", emphasizing inclusiveness as the core, promoting multinational cooperation and trust, and using military interoperability to achieve their respective national goals to strengthen integrated and ready alliance partners. Its goal is to "enhance collective strength and promote a free and open Indo-Pacific region" through joint training and operations. The 29 countries participating in the exercise this year include Australia, Belgium, Brazil, Brunei, Canada, Chile, Colombia, Denmark, Ecuador, France, Germany, India, Indonesia, Israel, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Peru, South Korea, the Philippines, Singapore, Sri Lanka, Thailand, Tonga, the United Kingdom and the United States. Compared with the 28th RIMPAC held in 2022, which involved 26 countries, 38 surface ships, 4 submarines, 9 countries' army forces, more than 170 aircraft, and about 25,000 officers and soldiers, the number of countries, ships and army forces participating in this exercise has increased. The countries participating in this year's RIMPAC military exercise include all members of the Quadrilateral Security Dialogue (QUAD) between the United States, Japan, India and Australia, and the Australia-UK-US Trilateral Security Partnership (AUKUS), as in the previous exercise. In addition, countries surrounding the South China Sea and the South Pacific island nation of Tonga are also participating. Many analysts believe that the military exercise itself is sending a message to China: China's expansion in the Western Pacific region will be blocked and defeated. The United States invited China to participate in the RIMPAC military exercise twice in 2014 and 2016. In 2018, due to China's expansion in the South China Sea, the United States withdrew its invitation to China. In addition, despite Taiwan's repeated willingness to participate, Taiwan is still not included in the 29 countries participating in this year's RIMPAC military exercise. Analysts pointed out that the US-led RIMPAC military exercise is intended to unite allies to militarily intimidate China. If Taiwan is invited to join, it will be too provocative to China, which will not only aggravate the tension between the United States and China, but also embarrass some allies. The U.S. Navy said the commander of the U.S. Third Fleet will serve as the commander of the joint task force for the exercise, while Chilean Navy Commodore Alberto Guerrero will serve as deputy commander of the joint task force, which is a first in the history of the RIMPAC military exercise. In addition, Japan Maritime Self-Defense Force Rear Admiral Kazushi Yokota will also serve as deputy commander. Other key leaders of the multinational force exercise include Canadian Commodore Kristjan Monaghan, who will command the maritime forces, and Australian Air Force Commodore Louise Desjardins, who will command the air forces. According to the U.S. Stars and Stripes, Vice Admiral Michael Boyle is currently the commander of the U.S. Third Fleet. Vice Admiral John Wade has been nominated to replace Boyle. The U.S. Navy press release said the exercise will enhance the ability of international joint forces to "deter and defeat aggression by major powers in all domains and conflict levels," but did not provide specific information on which exercises will be held this summer. Previous RIMPAC training exercises have included sinking ships at sea with missiles, amphibious landings and the first landing of a Marine Corps Osprey aircraft on an Australian ship.
Porsche AG reports sharp fall in China deliveries
July 9 (Reuters) - German sportscar maker Porsche (P911_p.DE), opens new tab said on Tuesday that global vehicle deliveries were down 7% in the first half of the year compared to the same period in 2023, primarily driven by a 33% year-on-year drop in China. Porsche, majority-owned by Volkswagen (VOWG_p.DE), opens new tab, is highly exposed to the EU-China tariff tensions, with deliveries to China accounting for nearly 20% of global deliveries. An HSBC analyst pointed to weakness in the European car market, saying that "the market is, understandably, worried about China pricing weakness and the prospect of needing to pay dealer compensation." Overall, Porsche delivered 155,945 cars worldwide during the first six months of the year. In North America, deliveries were down 6% year-on-year. Meanwhile, in Porsche’s home market of Germany, deliveries increased by 22% to 20,811 vehicles.
China will reach climate goal while West falls short
There has been constant low-level sniping in the West against China's record on climate change, in particular its expansion of coal mining, and its target of 2060 rather than 2050 for carbon zero. I have viewed this with mild if irritated amusement, because when it comes to results, then China, we can be sure, will deliver and most Western countries will fall short, probably well short. It is now becoming clear, however, that we will not have to wait much longer to judge their relative performances. The answer is already near at hand. We now know that in 2023 China's share of renewable energy capacity reached about 50 percent of its total energy capacity. China is on track to shatter its target of installing 1200GW of solar and wind energy capacity by 2030, five years ahead of schedule. And international experts are forecasting that China's target of reaching peak CO2 emissions by 2030 will probably be achieved ahead of schedule, perhaps even by a matter of years. Hitherto, China has advisedly spoken with a quiet voice about its climate targets, sensitive to the fact that it has become by far the world's largest CO2 emitter and aware that its own targets constituted a huge challenge. Now, however, it looks as if China's voice on global warming will carry an authority that no other nation will be able to compete with. There is another angle to this. China is by far the biggest producer of green tech, notably EVs, and renewable energy, namely solar photovoltaics and wind energy. Increasingly China will be able to export these at steadily reducing prices to the rest of the world. The process has already begun. It leaves the West with what it already sees as a tricky problem. How can it become dependent on China for the supply of these crucial elements of a carbon-free economy when it is seeking to de-risk (EU) or decouple (US) its supply chains from China? Climate change poses the greatest risk to humanity of all the issues we face today. There are growing fears that the 1.5-degree Celsius target for global warming will not be met. 2023 was the hottest year ever recorded. Few people are now unaware of the grave threat global warming poses to humanity. This requires the whole world to make common cause and accept this as our overarching priority. Alas, the EU is already talking about introducing tariffs to make Chinese EVs more expensive. And it is making the same kind of noises about Chinese solar panels. The problem is this. Whether Europe likes it or not, it needs a plentiful supply of Chinese EVs and solar panels if it is to reduce its carbon emissions at the speed that the climate crisis requires. According to the International Energy Authority, China "deployed as much solar capacity last year as the entire world did in 2022 and is expected to add nearly four times more than the EU and five times more than the US from 2023-28." The IEA adds, "two-thirds of global wind manufacturing expansion planned for 2025 will occur in China, primarily for its domestic market." In other words, willy-nilly, the West desperately needs China's green tech products. Knee-jerk protectionism demeans Europe; it is a petty and narrow-minded response to the greatest crisis humanity has ever faced. Instead of seeking to resist or obstruct Chinese green imports, it should cooperate with China and eagerly embrace its products. As a recent Financial Times editorial stated: "Beijing's green advances should be seen as positive for China, and for the world." The climate crisis is now in the process of transforming the global political debate. Hitherto it seemed relatively disconnected. That period is coming to an end. China's dramatic breakthrough in new green technologies is offering hope not just to China, but to the whole world, because China will increasingly be able to supply both the developed and developing world with the green technology needed to meet their global targets. Or, to put it another way, it looks very much as if China's economic and technological prowess will play a crucial role in the global fight against climate change. We should not be under any illusion about the kind of challenge humanity faces. We are now required to change the source of energy that powers our societies and economies. This is not new. It has happened before. But previously it was always a consequence of scientific and technological discoveries. Never before has humanity been required to make a conscious decision that, to ensure its own survival, it must adopt new sources of energy. Such an unprecedented challenge will fundamentally transform our economies, societies, cultures, technologies, and the way we live our lives. It will also change the nature of geopolitics. The latter will operate according to a different paradigm, different choices, and different priorities. The process may have barely started, but it is beginning with a vengeance. Can the world rise to the challenge, or will it prioritize petty bickering over the vision needed to save humanity? On the front line, mundane as it might sound, are EVs, wind power, and solar photovoltaics. The author is a visiting professor at the Institute of Modern International Relations at Tsinghua University and a senior fellow at the China Institute, Fudan University. Follow him on X @martjacques.
UAE insurance sector continued to grow in Q4-23: CBUAE
The UAE insurance sector continued to grow in Q4-2023, as reflected by increase in the gross written premiums. As of year-end, the number of licensed insurance companies in the UAE remained at 60, according to the Central Bank of the UAE's (CBUAE) Quarterly Economic Review (Q4-2023). The insurance sector comprised 23 traditional national companies, 10 Takaful national and 27 foreign companies, while the number of insurance related professions remained at 491. The review on insurance sector structure and activity showed that the gross written premium increased by 12.7% Y-o-Y in Q4 2023 to AED 53.2 billion, mostly due to an increase in health insurance premiums by 16.5% Y-o-Y and an increase in property and liability insurance premiums by 18.9% Y-o-Y, while the insurance of persons and fund accumulation premiums decreased by 12.4% Y-o-Y, resulting primarily from decrease in individual life premiums. Gross paid claims of all types of insurance plans increased by 12.8% Y-o-Y to AED 31.1 billion at the end of 2023. This was mainly driven by the increase in claims paid in health insurance by 16.9% Y-o-Y and increase in paid claims in property and liability insurance by 10.9% Y-o-Y, partially offset by the decline in claims paid in insurance of persons and fund accumulation by 2.8% Y-o-Y. The total technical provisions of all types of insurance increased by 8.4% Y-o-Y to AED 74.4 billion in Q4 2023 compared to AED68.6 billion in Q4 2022. The volume of invested assets in the insurance sector amounted to AED 76 billion (60.4% of total assets) in Q4 2023 compared to AED 71.4 billion (59.4% of total assets) in Q4 2022. The retention ratio of written insurance premiums for all types of insurance was 52.9 % (AED 28.1 billion) in Q4 2023, compared to 54.9% (AED 25.9 billion) at the end of 2022. The UAE insurance sector remained well capitalized in terms of early warning ratios and risk assessment. Own funds to minimum capital requirement ratio increased to 335.7% in Q4 2023, compared to 309.3% at the end of 2022, due to an increase in own funds eligible to meet the minimum capital requirements. Also, own funds to solvency capital requirement ratio rose to 221% in Q4 2023 compared to 208.5% in Q4 2022, due to an increase in own funds eligible to meet solvency capital requirements. Finally, own funds to minimum guarantee fund ratio reached to 316.3% at the end of 2023 down from 314.6% a year earlier, due to higher eligible funds to meet minimum guarantee funds. In terms of profitability, the net total profit to net written premiums increased to 6.5% in Q4 2023, compared to 2.9% at the end of 2022. The return on average assets increased to 0.3% in Q4 2023 compared to the 0.1% at the of the previous year.
Wto: Members have more trade promotion measures than restrictions
The latest trade monitor released recently by the World Trade Organization shows that between mid-October 2023 and mid-May 2024, WTO members continued to introduce more trade promotion measures than trade restrictive measures. The WTO said it was an important signal of members' commitment to keep trade flowing amid the current geopolitical uncertainty. According to WTO statistics, during the monitoring period, WTO members adopted 169 trade promotion measures on commodities, more than the 99 trade restrictive measures introduced. Most of the measures are aimed at imports. Commenting on the findings, WTO Director-General Ngozi Okonjo-Iweala said that despite the challenging geopolitical environment, this latest trade monitoring report highlights the resilience of world trade. Even against the backdrop of rising protectionist pressures and signs of economic fragmentation, governments around the world are taking meaningful steps to liberalize and boost trade. This demonstrates the benefits of trade on people's purchasing power, business competitiveness and price stability. The WTO monitoring also identified significant new developments in economic support measures. Subsidies as part of industrial policy are increasing rapidly, especially in areas related to climate change and national security.
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