This photo taken on Sept. 4, 2023 shows a view of the "zero-carbon" demonstration area at Jilin Oilfield, a subsidiary of PetroChina, located in Songyuan, northeast China's Jilin Province. [Jilin Oilfield Company/Handout via Xinhua]

Circular economy is estimated to contribute over 35 percent of China's carbon emission reduction by 2030, according to a report issued Monday by the China Association of Circular Economy.

The report was released at a side event held at the China Pavilion of the ongoing COP28 climate change conference in the Expo City of Dubai, the United Arab Emirates.

It highlighted that the development of the circular economy has played an important role in facilitating China's carbon reduction and served its carbon peaking and neutrality goals.

It also noted that the expansion of the green, low-carbon, and circular economy has contributed to cutting carbon dioxide emissions by 3.3 billion tons nationwide in 2022, adding that its development will also bring down costs of obtaining goods and services related to industries including construction, transport, nutrition, textile and electronics.

The research report has studied on carbon reduction practices of circular economy companies involved in the comprehensive utilization of bulk solid waste, product recycling, waste resourcing, utilization of waste heat and energy, bicycle-sharing and so on.

The side event, themed "Circular Economy Supporting Carbon Reduction," has gathered representatives from relevant industrial associations, international organizations, research institutions, and startups.