Opportunities between Chinese provinces and New York State in green & low carbon collaboration thrived during China International Fair for Investment & Trade 2021

The China-US Province-State Green and Low-Carbon Cooperation Seminar and Matchmaking Meeting was held on September 8, 2021 in Xiamen, China during the 21st China International Fair for Investment & Trade.

Doreen Harris, President and CEO of New York State Energy Research and Development Authority, spoke about the collaboration needed to advance clean energy and low carbon solutions. Ms. Harris described the steps New York is taking to achieve its goal to lead the nation by reducing greenhouse gas emissions by 85% by 2050. She also presented on why public-private partnerships are the cornerstone of NYSERDA’s work and how the agency plays a unique role as an investor and technical supporter of global innovation, scalable clean technology and green infrastructure.

Doreen Harris, President and CEO of New York State Energy Research and Development Authority (NYSERDA)

As the China Representative of Empire State Development, Tractus Asia Consultant Sapphire Tang attended the panel discussion to share opportunities in green energy and low carbon in New York State.

China Representative of Empire State Development Sapphire Tang shared opportunities in green energy and low carbon in New York State

Sapphire Tang presented that New York State (NYS) is the leading state in green energy in the US, with the ambitious goals of:

(1) 100% zero-emission electric generation from renewable sources by 2040,

(2) all new vehicles sold in NYS need to be zero-emission by 2035, and

(3) 85% reduction in greenhouse gas emissions by 2050.

In recent years, NYS has made remarkable success in energy storage, offshore wind power generation and solar power generation with more than $5 billion in government investment and $5.3 billion in private investment. Moreover, NYS has also supported R&D in this industry by investing $27.5 million in workforce training.

To support the development of the green industry, NYS has established a $1.0 billion clean energy and sustainable infrastructure investment fund—New York Green Bank—and has made many favorable tax policies for companies contributing to green goals.

After the event, Sapphire Tang and other local government officials and company managers exchanged their interest in collaborating. Some companies showed their interest in R&D collaboration and investment in or acquisition of New York green tech companies and universities.

Sapphire Tang meeting with Chinese local government officials and companies in matchmaking sessions

In attendance of this meeting were about 260 representatives of business communities and local governments of Chinese provinces and municipalities including Fujian, Heilongjiang, Yunnan, Shandong, Chongqing, Guangdong, Sichuan, Jiangxi and Tianjin and US states including California, Ohio, Iowa, Washington, New York and North Carolina.

The attendees had in-depth discussions and shared their best cases and experiences strengthening China-US province-state economic and trade cooperation and coping with climate change. They explored the immense business opportunities in product trade, technology communication and investment collaboration in the green and low carbon industry.

Vice Minister of Commerce and Deputy China International Trade Representative Wang Shouwen pointed out that strengthening China-US green and low carbon collaboration is inseparable from a healthy and stable bilateral economic and trade environment. The China-US relationship is at a critical juncture. By fully leveraging the role of economic and trade relations as the “ballast” and “stabilizer,” the two sides could strengthen their collaboration and manage their differences to push bilateral economic and trade relations back on the right track as soon as possible.

Wang Shouwen, Vice Minister of Commerce and Deputy China International Trade Representative

Guo Ningning, Vice Governor of Fujian Province, stated in her speech centering around the goal of carbon peaking and carbon neutrality that Fujian will pursue green-conscious development and keep building on its green development momentum. She hopes that through the China-US province-state economic and trade cooperation mechanism, the channels of communication and contact between Fujian Province and US states could be established and enhanced to deepen exchanges and expand cooperation.

Guo Ningning, Vice Governor of Fujian Province

Ohio Governor Mike DeWine, former California Governor Edmund Brown and Lieutenant Governor of Washington Denny Heck gave video speeches at the event to highlight the opportunities they see for collaboration. China and the US are the leading countries in the world working to reduce carbon emissions. The provinces and states of both countries are putting in tangible actions to create a greener future, opening up many opportunities among them in this field.

New York State, as the leading state for green energy, welcomes companies from China and other Asian countries to explore these opportunities together. Tractus, as the business consultant dedicated to bridging business between Asia and the US, can provide support in finances, government relations, and other business activities.