China’s plan to become carbon-neutral by 2060
Industrialization in China occurred at breathtaking pace which lifted people out of poverty and transformed India into the world’s factory. However, this also made China the biggest emitter of carbon dioxide. As a result, China has set the goal of becoming carbon-neutral by 2060.
What is carbon neutral?
Carbon neutral means cutting carbon dioxide emissions as large as possible and offsetting what cannot be eliminated. This can be done by switching to renewable energy sources like using solar power instead of coal.
China’s goal
Despite being world’s second-largest economy, China is considered as developing nation. Accordingly, it has not reached its emissions peak. By 2030, China will be committing to bring down carbon neutrality by 2060. If China gets success in it, it will be the fastest decline from peak emissions.
How China can achieve the goal?
- China requires to find replacements for fossil fuels powering its economy and rapid urbanization.
- Recently in July, China opened world’s largest carbon trading market that created a framework for how emissions are priced and regulated in the nation.
- China is also expanding the use of electric vehicles and automation besides investments in nuclear power. Nuclear power doesn’t emit greenhouse gases.
- It is also spending on research into technologies like storage batteries and has been using hydrogen fuel to complement low-emissions energy sources.
- Government has also directed local authorities to develop regional plans in order to lower emissions and curb wasteful uses of electricity like in Bitcoin mining.
Impact on economic policy
To break the link between growth and emissions, China will require policies that focuses on fossil fuels and encourage development of renewable energy.
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Month: Current Affairs - August, 2021