China Green Push May Lead to Sharp Local Revenue Drop: Caixin

China's green goals of achieving carbon peak and neutrality by 2030 and 2060 may lead to a sharp drop in local tax revenues particularly in some resource-dependent provinces, while other provinces may need to share the low-carbon transformation costs and technologies, Caixin reported. The mining, power and construction industry accounted for as much as 48% of the revenue of Shanxi province and 39% in Inner Mongolia, while Shanghai, Beijing, Jiangsu and Zhejiang provinces account for the lowest proportion, Caixin said citing a report by Sequoia. Most of the 3,000 coal-fired generating units and 5,000 coal mines will be shut down, possibly leading to asset shelving, the newspaper said.