Chinese Premier Li Keqiang (L) meets with French President Francois Hollande in Paris, France, June 30, 2015. [Photo/Xinhua]

Climate action plan for 2030 expected to open opportunities for private investment

China announced a series of objectives for cutting greenhouse gas emissions by 2030 on Tuesday as Premier Li Keqiang met with French President Francois Hollande in Paris.

The announcement sparked wide discussions about how much investment the post-2020 climate action plan would drive over the coming 16 years.

Zhang Yong, vice-chairman of China's National Development and Reform Commission, said investment in renewable energy and addressing climate change will grow "substantially".

"Such large-scale investment will need to be accelerated in both the public and private sectors," Zhang said on the sidelines of a forum in late June.

The government is working on specialized plans for the 13th Five-Year Plan (2016-20) period, and promotion of renewable energy, energy efficiency and environmental protection will be highlighted in these plans, he said.

In the coming 16 years, China's cumulative investment in improved energy efficiency, promoting nonfossil fuels and developing low-carbon technologies is expected to exceed 40 trillion yuan ($6.4 trillion), according to the National Center for Climate Change Strategy and International Cooperation, China's top climate think tank.

"These frontiers account for less than 4 percent of China's current GDP, but the contribution is expected to increase to 8 percent by 2020 and 16 percent by 2030," said Li Junfeng, director of the climate change center.