了解今日課堂：

第一段

Carbon neutrality may now be a buzzword in China but many will have heard it for the first time only last September, when Xi Jinping announced the country's aim to be carbon neutral by 2060. Half a year later, debate is heating up far beyond those working in the environmental field.

With investors flooding in, companies are issuing carbon neutrality statements. Since December, major firms have outlined their positions and made commitments, including the China National Petroleum Corporation (CNPC), Baowu Steel, Tencent and fintech firm Ant Group.

The positive response is to be applauded, but represents only the first step for these firms. Whether their commitments will be realised, and how, will be key.

第二段

Answering the call

State-owned firms, including some of the biggest carbon emitters, were among the first to respond to the clear policy signals from the top.

The country's three major oil firms, CNPC, Sinopec and the China National Offshore Oil Corporation (CNOOC), all said they were working on carbon neutrality roadmaps. But clear timetables and action plans have not yet been published. The State Grid published a carbon action plan in early March, saying it would achieve carbon neutrality in its operations, and placing greater emphasis on its role in supporting and encouraging electricity generators in their transition plans. But again, no timetable for either peak carbon or carbon neutrality was offered. One of the world's largest steelmakers, Baowu Steel, was able to specify dates: "Strive for peak carbon by 2023, a 30% reduction in emissions by 2035, and carbon neutrality by 2050." The China Three Gorges Corporation, a major power generator, said it would also strive for peak carbon by 2023, with carbon neutrality to follow in 2040.

Among private firms, the tech sector took the lead. In January, Tencent announced the launch of a carbon neutrality plan, but has not yet confirmed its scope or schedule. In March, Ant Group committed to net zero carbon emissions by 2030, with carbon neutrality for company operations, in its supply chain, and in business travel.

These proposals from "mothership-class" SOEs and tech giants are bound to affect market expectations and investment decisions. "Carbon neutrality stocks" all saw big rises on the day the State Grid announced its action plan, rises which have continued since March, even while the Chinese stock market overall has struggled.

第三段

Achieving carbon neutrality in China is likely to take four decades, even if the process has started with a bang. But amidst all the hype, we have to ask: what do companies talk about when they talk about carbon neutrality?

Simply discussing carbon neutrality isn't enough if they aren't clear about the scope of their plans. When calculating and reporting corporate greenhouse gas emissions, specialists use the Greenhouse Gas Protocol, a global standardised framework which covers three different areas.

Scope 1 deals with direct emissions from sources owned or controlled by the company;

Scope 2 covers indirect emissions from purchased electricity (including steam, heating and cooling);

Scope 3 encompasses all indirect emissions in a company's value chain, including from the purchase of raw materials, business travel and product transportation.

The situation is not exclusive to Chinese companies. The same can be said of businesses and governments around the world. In a comment piece published in Nature magazine in March, scientists wrote that empty commitments and a lack of standardisation were making it hard to understand how most businesses and governments intend to achieve their goals, much less evaluate actual results. The authors called for greater transparency as soon as possible.

Carbon neutrality means deep reforms in the energy sector, possibly beyond what can easily be imagined. The Intergovernmental Panel on Climate Change's 2018 special report, Global Warming of 1.5C, pointed out that to limit warming in the year 2100 to 1.5C above a pre-industrial baseline the world needs to achieve carbon neutrality around 2050, with virtually zero coal use, huge cuts in use of other fossil fuels, and over 70% of electricity generation from wind and solar.