By raising energy-efficiency standards, putting a reasonable price on carbon dioxide emissions, and investing in urban energy infrastructure, China could shift to a green economy faster, said Niels B. Christiansen, CEO of Danfoss Denmark, a world giant in green technology and business.
China could make financial savings and improve living standards by adopting tougher regulation governing energy efficiency of homes, offices and factories, among others, Christiansen told Xinhua in a recent interview.
“China needs to be thinking about getting to ‘best in class’ standards, because that is where the green transition actually will happen, a lot of good technologies will be deployed and money will be saved. The way to go is to start to raise standards, so that everybody competing in that market will have to meet a certain level,” Christiansen said.
According to Christiansen, many countries subsidize energy price making it artificially low. Consequently, many keep using old technology for longer which could result in slower transition progress.
He also said energy must be priced “at its real cost” so that companies are urged to use energy-saving technologies, boost research and development into clean energy, and thus accelerate the green transition.