Visitors\r\n pass the Hitachi ABB power grid booth at the third China International \r\nImport Expo in Shanghai on Nov 6. [Provided to China Daily]

China's aim to achieve carbon neutrality by 2060 will create the most\r\n market opportunities for those multinational companies that adjust to \r\nfit into the country's low carbon energy structure.

Total China Country Chair William Zhao said China is sure to be less \r\nreliant on coal and increase the weighting of natural gas and other \r\nrenewable energies in its power structure. Given China's rising \r\ninvestment in wind and photovoltaic power generation, it has already \r\nteamed up with Shanghai-based Envision Group in mid-2019 to tap into the\r\n distributed photovoltaic market in the country. In late 2020, Total's \r\nwholly owned subsidiary Saft opened a new manufacturing hub for energy \r\nstorage solutions in Zhuhai, Guangdong province, which will support the \r\ntransition to renewable energy.

"While China is advancing its transformation in energy consumption, \r\nTotal will accelerate the exploration of the Chinese market and get more\r\n deeply rooted by working more closely with our Chinese partners," he \r\nsaid.

Metals and mining corporation Rio Tinto announced in late 2020 a \r\npartnership with China Baowu Steel Group and Tsinghua University to try \r\nout new techniques and lower carbon emissions in the steel industry. It \r\nwill also invest $10 million in the next two years to conduct research \r\ninto low-carbon iron-making with Baowu.

According to Peter Toth, group executive of strategy and development \r\nat Rio Tinto, global cooperation will best address the challenges \r\ncreated by climate change. China's carbon neutrality process will help \r\nthe world to realize carbon emissions goals, resulting in changes in \r\ndemand for commodities, driving the development and application of new \r\ntechnologies and creating more cooperation opportunities, Toth said.

Coating giant Nippon Paint has made great efforts to build green \r\nfactories across China, which feature efficient use of land, more \r\nenvironmentally friendly raw materials, clean production, waste \r\nrecycling and low carbon emissions. The company has so far set up such \r\ngreen factories in Xianning, Hubei province, Qingyuan, Guangdong \r\nprovince, Changsha, Hunan province, Shijiazhuang, Hebei province and \r\nQuanzhou, Fujian province. By the end of last year, three of its plants \r\nwere included on the green manufacturing list compiled by the Ministry \r\nof Industry and Information Technology as national-level green \r\nfactories.

Xing Ronghua, president of the production and supply chain division \r\nfor trade unit at Nippon Paint China, explained, a comprehensive \r\nproduction and supply mapping can help facilities nationwide use raw \r\nmaterials more efficiently and shorten transportation distances, which \r\nin turn can reduce carbon emissions throughout production and delivery. \r\nBy applying a smart manufacturing system, energy management can be \r\nseamlessly connected to production procedures so that carbon emissions \r\nare reduced.

"Together with our parent company Nipsea Group, we will continue to \r\npromote green and eco-friendly ideas and practices as long-term and \r\nsustained development is the ground rule that Nippon Paint China has \r\nadhered to," Xing said.

The facility built by L'Oreal in Yichang, Hubei province, realized \r\nzero net carbon emissions in September 2015. The plant started to \r\nrecycle water for production purposes in October last year. The factory \r\ncan help save 16,000 tons of tap water annually－an amount equal to the \r\nwater used by 93 families in 12 months.

As early as June 2019, the French cosmetics giant announced that it \r\nhad achieved carbon neutrality in China. According to L'Oreal China \r\nVice-President Lan Zhenzhen, the company had broken down the goal into \r\nquantifiable gauges and rebuilt the work patterns to lower environmental\r\n impact throughout the entire value chain.

A special sustainable development team has been set up to make short to midterm plans and release to the public any updates.

Suppliers are also included in L'Oreal's sustained development path \r\nin China, Lan said. Third-party platforms are involved to provide \r\nevaluation and training for suppliers to help lower negative impact on \r\nthe society or the environment. Consumer education is carried out so \r\nthat consumers, especially the younger generations, can consume in more \r\nresponsible ways and lead more sustainable lifestyles.

"Our fiscal results in China over the past decade show that business \r\ngrowth can go hand in hand with sustainable growth targets," she said.

Yvonne Zhou, managing director of global consulting firm BCG, said \r\nthat China's carbon neutrality goal may lead to a large number of \r\nopportunities for companies. On the one hand, they should find where \r\ntheir own carbon emissions lie and make efforts to go greener.

On the other, they should look into their respective industries. The \r\nconstruction industry for example has become more industrialized, \r\ndigitalized and greener. Instead of aiming for growing bigger in scale, a\r\n construction company operating in China should focus more on reducing \r\nwaste, using low-carbon materials and developing new business models.

"Apart from allowing business to grow, companies should think outside the box and experiment with new models," she said.