Associated Press of Pakistan:

Thank you. I represent the Associated Press of Pakistan. I have noticed that a national system for the registration and settlement of carbon credits has been established in Hubei province. Hubei will also host the National Carbon Market Conference this year. So, I would like to ask, what efforts have been made by Hubei province to promote green and low-carbon transformation and the high-quality development of the Yangtze River Economic Belt? Thank you.

Wang Zhonglin:

Thank you very much for your interest in Hubei. I will take this question. As an important province in the Yangtze Economic Belt, Hubei plays a significant role in accelerating green and low-carbon development. In recent years, Hubei has focused on reshaping its development with a green development philosophy and improving its ecological environment through low-carbon transformation. With a 3% annual average energy consumption growth, Hubei has supported an average economic growth of 6%. Green and low-carbon development has become a hallmark of Hubei's high-quality development. Here is the work we have done:

First, we have accelerated the construction of a green industrial system. We have set priorities in developing green industries, implementing 10 major green transformation projects such as energy-saving and carbon-reduction transformations in key industries, and creating 10 circular economy industrial chains, such as recovering mineral resources from city waste, to synchronize green and value-added economic development. For example, with the rapid development of NEVs, the use of lithium batteries has increased significantly, posing considerable challenges to ecological and environmental protection. We have planned and acted early and made advance arrangements for the recycling of used lithium batteries. For instance, the Bangpu Integrated Battery Material Industrial Park, with an investment of 60 billion yuan, will "turn waste into treasure" and "squeeze out every bit of value." Once completed, its annual output value could exceed 100 billion yuan.

Second, we have accelerated the construction of a clean energy system. We are focusing on reshaping the strategic resource structure and making great efforts to develop clean energy. Our installed power capacity has exceeded 100 million kilowatts, with the proportion of clean energy installed capacity increasing to 65%. We have also planned to implement 38 pumped-storage hydropower projects, with a total installed capacity of 39 million kilowatts and an annual power generation equivalent to 1.4 times Hubei's electricity consumption last year. Our clean energy installed capacity is growing rapidly, with an additional 12.3 million kilowatts added last year alone, and the annual power generation is equivalent to 45% of the province's electricity consumption.

Third, we have accelerated the construction of a green institutional system. Focusing on the dual carbon goals, we established and effectively utilized the China Carbon Emission Rights Registration and Trading Center, improved mechanisms for ecological value realization and ecological conservation compensation, and led green and low-carbon transformation through institutional innovation. Currently, the center manages 2,533 companies across the country, making it the largest in the world, and it has become the underlying database of the national carbon market. It is the first to link the three major markets of electricity, carbon, and finance nationwide. This has led to the creation of a comprehensive whole industry chain for the carbon market, including carbon trading and carbon assets. Hubei's carbon market transaction volume accounts for 42.7% of China's total. We will leverage the center's role in accelerating the creation of a carbon market and carbon finance center with national influence, strengthening Hubei's green rise.

In the second half of this year, Hubei will co-host the China Carbon Market Conference with the Ministry of Ecology and Environment and Shanghai. We warmly invite all of you to join us in Hubei to collaboratively plan and promote the construction and development of the carbon market.