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There is a global move toward being "carbon neutral". Reducing the use of coal to generate power has become an inevitable choice for many countries when transforming their energy structures. Many countries have proposed phasing out coal. China is a major energy producing and consuming country and intends to reach a carbon peak by 2030 and become carbon neutral by 2060. China has repeatedly emphasized coal reduction, but has not explicitly proposed phasing out coal, due to the influence of local governments, coal-related enterprises, and the public. This paper explores whether China could declare a "coal phase-out", and the possible reasons for doing so, by constructing an evolutionary game model with two correlations. MATLAB was used to simulate the model results to determine the effectiveness of the fractal results of the model, and the entropy method was used to calculate the development level of "coal phase-out" related indicators in China and Germany. The results show that: (1) The government can phase out coal only when coal-related enterprises and the public can benefit from reducing coal production and consumption. In addition, these benefits are needed to ensure stable economic and social development without affecting people's daily lives; (2) The development level of relevant indicators of "coal retreat" in China is lower than that in Germany. Based on these results, it is concluded that it is difficult for China to announce a "coal phase-out" at present. Faced with this reality, China should improve the efficiency of coal use, install carbon capture and storage facilities, vigorously develop renewable energy and reduce the share of coal in the energy system. [ABSTRACT FROM AUTHOR]

Green bonds have increasingly been utilized around the world as a source of financing for renewable energy development, designed with compliance requirements and measurable economic returns to investors, while mitigating climate change. However, the efficacy of green bond arranged in the emerging economies for financing renewable energy assets and how the underlying risks are managed have remained to be explored. The paper aims to examine the evolving green financial system sponsored by both public and private institutions in managing such risks within China's emerging economy. A case study of green financing for a bundle of wind power assets led by a state-owned enterprise (SOE) reveals an alternative approach by structuring public–private collaboration while stipulating market-based financial incentives to institutional stakeholders under a political economy. This institutional consortium is composed of a state development bank, a commercial bank, credit rating agencies, institutional and private investors, regional power purchasers, and carbon trading entities. Financial stakeholders' risk in such emerging sustainable investment is moderated by these participating institutions and structured "upsides" from carbon trading aligned with the framework of green finance and standards for green bond development. The results reveal the potentials of scaling up the development of renewable energy by adequately managing and sharing key risks, while allocating substantial funding into renewable energy projects under such a green financial system that is to be complementary with a scalable post COVID-19 economic recovery. [ABSTRACT FROM AUTHOR]