China currently comprises about 38% of global emissions.
President Xi Jinping announced to the UN General Assembly on 22 September that China has set a goal to become carbon neutral by 2060.
Whilst the announcement didn’t clearly provide China’s definition of carbon neutrality, Wood Mackenzie’s Asia-Pacific vice-chairman Gavin Thompson said that the country’s 14th five-year plan has the potential to be the most important document in the global energy market history.
“Increased investment in wind, solar, electric vehicle and battery storage will almost certainly feature, and we can expect support for green hydrogen and carbon capture technology,” Thompson added.
Also, whilst China currently emits over 10 billion tonnes of carbon, President Xi has claimed that the country will reach peak emissions before 2030.
In 2040, China’s emissions will have dropped by almost 60% from the 2019 level, according to WoodMac’s Accelerated Energy Transition Scenario (AET-2).
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