China is on the cusp of reaching its CO2 emission peak, according to experts. The country has officially set targets to reach peak carbon emissions by 2030 and achieve carbon neutrality by 2060. Clean energy industries have emerged as key drivers of economic growth in China, with clean energy contributing a record 11.4tn yuan to the economy last year.
Quotes from Experts
- “Clean energy industries have emerged as key drivers of economic growth. As China continues its transition, the benefits are becoming increasingly clear.” – Shi Xunpeng, author of the CREA report.
- “In order to align with the Paris agreement … China will need to either speed up renewable energy deployment even further or guide economic development in a less energy-intensive direction.” – Myllyvirta.
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China faces crucial decisions on climate policy during the second Trump term. The country’s official targets are to reach peak carbon emissions by 2030 and achieve carbon neutrality by 2060.
China’s Climate Policy and Energy Mix
China faces crucial decisions on climate policy during the second Trump term. Leaders’ concerns about energy security have intensified after several parts of China experienced power blackouts in 2021 and 2022, and after the war in Ukraine destabilised oil supplies. This has meant that “China has not yet talked about coal phase-out,” said Wang Xiaojun, founder of People of Asia for Climate Solutions.
Clean Energy in China
China is a world leader when it comes to investing in clean energy. Previous analysis by Lauri Myllyvirta found that clean energy contributed a record 11.4tn yuan (£154.4bn) to China’s economy last year, and was the biggest driver of GDP growth.
The “New Three”
In the past two years, China has focused on rebuilding its post-Covid economy by pivoting towards hi-tech, green industries. These have been called the “new three”: solar panels, electric vehicles, and batteries. They have attracted huge levels of investment and are seen as key drivers of economic growth.
Experts’ Optimism on China’s Green Transition
Key Points
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In last year’s survey, only 21% of experts gave the same response.
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There is also more optimism about China reducing its reliance on coal, with 36% of experts saying its coal consumption has already peaked, up from 20% last year.
Rising Optimism About China’s Green Transition
The report shows that there is more optimism about China reducing its reliance on coal, with 36% of experts saying that its coal consumption has already peaked, up from 20% last year. This is a significant increase in just one year and suggests that China is taking steps to reduce its fossil fuel emissions.
China’s Official Targets
China has officially set targets to reach peak carbon emissions by 2030 and achieve carbon neutrality by 2060. Beijing has also pledged to “strictly control” the use of coal during the 14th “five-year plan”, which covers the period until the end of 2025.
Expert Opinions on China’s Climate Policy
China’s approach to climate targets is straightforward: “If you say it, do it. If you can’t do it, don’t say it,” said Anders Hove, senior research fellow at the Oxford Institute for Energy Studies. This differs from many foreign leaders who see value in aspirational goals and may dial them back when economics or political winds change.
