China's Pathway to Carbon Neutrality by 2060: Insights from Energy Research Institute
Key Ideas
- China aims to install 10,000 GW of wind and solar capacity to achieve carbon neutrality by 2060, with the current capacity at 1,408 GW.
- The Energy Research Institute's report outlines two scenarios for China's energy transformation towards carbon neutrality, emphasizing the need for sustainable electrification and intelligent power grids.
- The report highlights the challenges of rapidly transitioning China's energy system from fossil fuels to low-carbon options while meeting the growing demand for electricity.
- With a focus on innovation and market forces, China's energy transition is seen as a decisive contribution to climate efforts and economic rewards.
China's journey towards carbon neutrality by 2060 involves a massive energy transition, according to the China Energy Transformation Outlook 2024 (CETO24) endorsed by the Chinese government. The report, produced by the Energy Research Institute of the Chinese Academy of Macroeconomic Research, outlines the necessity of installing 10,000 GW of wind and solar capacity to meet climate goals. Two scenarios, one assuming constrained international cooperation and the other assuming global climate cooperation continues, show that China can achieve net-zero carbon emissions before 2060. The challenge lies in improving energy efficiency and sustaining electrification while transitioning to predominantly solar and wind-powered intelligent grids. Despite the rapid growth in electricity demand post-Covid-19, China faces hurdles like water scarcity affecting hydropower supply, leading to increased investments in coal power. The report underscores the importance of accelerating renewable energy deployment to substitute coal power efficiently. Through innovative approaches and market forces, China's energy transition is positioned to create a clean, low-carbon, and efficient energy system while addressing environmental concerns and economic development.
Topics
Policy
Production
Renewable Energy
Sustainability
Energy Transition
Economic Development
Climate Goals
Global Cooperation
Technological Innovation
Latest News