Coal-hungry China [image credit: democraticunderground.com]
Doesn’t sound very likely, somehow. How much are 40-year policy announcements worth anyway? The report speaks of ‘the lack of scalable low-carbon alternatives’, and requires sales of EVs well over 300 million to help meet the so-called carbon neutrality target.
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China requires over $5 trillion of investments to reach its pathway for carbon-neutrality by 2060, according to a new study released by Wood Mackenzie, reports PEI.
China needs to expand its solar, wind and storage capacities by 11 times to 5,040GW by 2050 compared to 2020 levels, to be able to meet its 2060 goal.
Coal-fired power capacity will need to be halved while gas ends at the same level as in 2019. Total power output will need to expand by nearly 2.5 times to 18,835TWh by 2050 compared to current levels.
One challenge restricting China to reach its carbon-neutral goal is the lack of scalable low-carbon alternatives in the transport and industrial sectors.
Last year, China’s carbon emissions from these two sectors reached 5.7 billion tonnes, roughly as large as the total emissions in the US and the UK combined.
As a result, these sectors will require government subsidies and/or carbon pricing to decarbonise.
Under efforts to ensure the decarbonisation of the two sectors, China is expected to become a centre of energy innovation to decarbonise difficult sectors.
Wood Mackenzie states that China’s road transport must be fully electrified. Total new stock of electric vehicles will need to hit 325 million units by 2050, compared to 4 million units today.
Full report here.
via Tallbloke’s Talkshop
October 13, 2020 at 08:36AM