CRU: China announces ambitious plans for carbon neutrality before 2060

Why is this important? Why is this important? In total volume,Chinais the biggest emitter of CO2, producing around 27% of global CO2 emissions.Chinahas already embarked on a carbon emission reduction program and signed up to the Paris Agreement on Climate Change. However, this unexpected announcement is likely to prove very significant since it represents a unilateral announcement to the whole world thatChinaintends to "take decisive steps to honor the Paris Agreement"...

Why is this important?

In total volume, China is the biggest emitter of CO2, producing around 27% of global CO2 emissions. China has already embarked on a carbon emission reduction program and signed up to the Paris Agreement on Climate Change. However, this unexpected announcement is likely to prove very significant since it represents a unilateral announcement to the whole world that China intends to "take decisive steps to honor the Paris Agreement".

Previous experience suggests that China has the capability and track record to carry through what it plans to do, especially concerning environmental goals. Previous targets announced for the 13th Five-Year Plan (2016-2020) have largely been met. In fact, China is well on its way to meeting its first challenge for carbon emissions to peak before 2030. However, the second challenge to reverse and offset CO2 emissions to obtain carbon neutrality before 2060 is a gargantuan challenge.

This is not just because China is the largest producer of CO2 emissions but also because of where China is in its development trajectory. China is still in the "catch-up" growth phase of its development, navigating additional infrastructure and urbanization, which will make carbon neutrality a "bigger ask" relative to other advanced economies who have comfortably passed that phase of peak energy demand. Some radical changes to energy and industrial policy are likely to be required which will impact all aspects of economic life in China.

Read the full story:

https://www.crugroup.com/knowledge-and-insights/insights/2020/china-announces-ambitious-plans-for-carbon-neutrality-before-2060/

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About CRU

CRU offers unrivalled business intelligence on the global metals, mining and fertilizer industries through market analysis, price assessments, consultancy and events.

Since our foundation by Robert Perlman in 1969, we have consistently invested in primary research and robust methodologies, and developed expert teams in key locations worldwide, including in hard-to-reach markets such as China.

CRU employs over 280 experts and has more than 11 offices around the world, in Europe, the Americas, China, Asia and Australia – our office in Beijing opened in 2004 and Singapore in 2018.

When facing critical business decisions, you can rely on our first-hand knowledge to give you a complete view of a commodity market. And you can engage with our experts directly, for the full picture and a personalised response.

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