30 Aug 2024
On Thursday, the energy regulator said that China will continue to phase out fossil fuels and overhaul its electricity system. The white paper issued highlighted past achievements but offered few new strategies for advancing China's energy transition.
Zhang Jianhua, head of the National Energy Administration, announced that China will persist in reforming its power system by expanding the spot market, advancing green power trading, and transitioning from fossil fuels to renewable energy sources. He also emphasised the need for market-orientated reforms.
During a press conference hosted by the State Council, China’s cabinet, Zhang announced that China had invested $676 billion in its energy transition over the past year. He referenced a research organisation’s estimate, which indicated that this investment represented 38% of the global total for energy transition spending.
The world's second-largest economy has positioned itself as a frontrunner in the shift towards renewable energy, yet its power sector continues to depend heavily on coal. When asked if China's carbon emissions might peak before the 2030 goal, a possibility many experts consider likely, Song Wen, deputy director of the agency's planning department, responded: "We will not alter the dual carbon target, and the major commitments we've made will remain unchanged."
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