China's goal of reaching carbon neutrality by 2060 would require investments of more than $5 trillion, which would include renewable power generation capacity, consultancy Wood Mackenzie said on Thursday.
SINGAPORE - China’s goal of reaching carbon neutrality by 2060 would require investments of more than $5 trillion, which would include renewable power generation capacity, consultancy Wood Mackenzie said on Thursday.
President Xi Jinping said at the United Nations General Assembly in September that China would achieve carbon neutrality before 2060, the first time the world’s biggest emitter of carbon dioxide has committed to ending its net contribution to climate change. For China to reach its goal, Woodmac estimated that solar, wind and storage capacities will have to increase 11 times to 5,040 gigawatts by 2050 compared with 2020 levels.
“The most challenging part of the shift is not the investment or magnitude of renewable capacity additions but the social transition that comes with it,” said Prakash Sharma, Woodmac’s Asia Pacific head of markets and transitions.
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