(Yicai) June 26 -- China's special envoy for climate change has said the Asian country will step up renewable energy installations, pointing out that for the vast majority of countries, including China, there is no overcapacity issue.

A green energy capacity shortage clearly is the case in most countries, Liu Zhenmin told the World Economic Forum’s Annual Meeting of the New Champions, also known as Summer Davos, now being held in the northeastern Chinese city of Dalian.

The capacity to make clean energy products needs beefing up, making it more affordable and accessible, as well as further innovations of the technologies, Liu said, adding that China will play a significant role in this process.

As a global manufacturing leader, China will continue to deepen innovation and encourage companies to enhance their production capacity, especially in the fields of wind and solar power products, he said.

Significant financial support will be needed to hit global carbon neutrality goals, especially in developing countries, Liu pointed out.

According to the Paris Agreement, developed countries should provide support to their developing counterparts, he noted. As the largest developing country, China has provided substantial financial and technical support to other developing nations, including in Africa, through its South-South cooperation fund, Liu said.

But China’s energy transition also requires heavy financial investment, he said. To achieve its carbon neutrality target by the middle of this century, China’s investment demand in renewable energy and nuclear technologies will likely reach USD20 trillion, Liu noted.

Finally, Liu called for vigilance against the negative impacts of decoupling on global carbon reduction efforts, emphasizing the need to strengthen cooperation among governments, businesses, and society to ensure the formation of an open international system that supports global energy transition.

Editor: Futura Costaglione