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To peak carbon dioxide emissions and achieve carbon neutrality as early as possible, Jiaxing in East China's Zhejiang province plans to invest 62.4 billion yuan ($9.28 billion) into the construction of a low-carbon city, according to local media reports.

In 2022, 167 major carbon neutral projects will be carried out in the city, covering energy structure optimization, industrial structure adjustment, green building, green transportation, circular economy development and green and low-carbon technology. A total of 62.4 billion yuan will be invested in the projects, and 10.7 billion yuan will be invested in 2022.

To optimize its energy structure, the city aims to generate 400,000 kilowatts of renewable energy, increase the installed capacity of non-fossil energy to 62.4 percent and eliminate 400,000 metric tons of standard coal with high energy consumption throughout the year.

To adjust its industrial structure, the city plans to renovate 1,400 energy-intensive and inefficient enterprises.

The proportions of new energy buses and taxis (including online car-hailing) are expected to reach 100 percent and 80 percent, respectively.

In addition, a total of 2,150 mu (143.33 hectares) of afforestation area will be added in the city.