China’s carbon neutrality will require huge investment

China will have to invest up to $5 trillion in projects that will ensure carbon neutrality by 2060 for the world’s most populous country. In particular, the money is to go into building new capacity for the production of renewable energy sources.

Chinese President Xi Jinping said at a UN General Assembly meeting in September that his country would achieve carbon neutrality before 2060. It was the first time that the largest emitter of carbon dioxide had declared a commitment to contribute to the fight against climate change. Now China is coming up with a plan to achieve this commitment.

For example, in the field of photovoltaics, installed capacity will have to increase 11-fold by 2050 compared to their current level. By contrast, the capacity of coal-fired power plants will have to be halved. Other projects will be created in the field of electricity generation from wind sources, and technologies that can capture carbon dioxide will not remain a party of interest.

But all of this will require extraordinarily large investments. According to Wood Mackenzie company, China will pay more than $5 trillion. This represents about 37 percent of the annual output of the Chinese economy. The biggest obstacle will be the transport sector, where China’s greenhouse gas emissions will be the most difficult to reduce.

author avatar
EditorialTeam
The Trader-Magazine.com EditorialTeam is a collective of certified financial analysts, active traders, and cryptocurrency experts. Our mission is to transform complex market data (forex, equities, indices) into accessible financial education. All content undergoes rigorous, multi-level fact-checking to ensure we deliver only accurate, objective information for your trading and investment decisions.

Top 10 financial instruments for 2022. What will their prospects be in 2023?

The year 2022 has brought countless surprises and obstacles...

Telegram scams: how they work and how to protect yourself

Telegram has become one of the most widely used...

Trump Saved TikTok from a Ban. The App in the U.S. Moves into American Hands

TikTok narrowly avoided a ban in the United States...

Gulf Brokers Ltd. Review

Comparing spreads, commissions, trading platforms, rules and reading dozens...

Climate Change Poses Major Risks to Financial Markets, Regulator Warns

WASHINGTON — A top financial regulator is opening a...

AI Boom Beyond Nvidia stock: Which Lesser-Known Equities Are Riding the Wave?

For many investors, Nvidia stock has become almost synonymous with the...

FT: EU plans to remove barriers for banks’ cross-border capital flows

The European Union plans to remove barriers for banks...

Why find a credit card with a lower APR?

Credit cards can be useful financial tools. They make...

SpaceX on Wall Street: a historic IPO and the first trading days

The SpaceX listing ranked among the largest IPOs in history, raising $85.7 billion. Massive investor demand expanded the capital that the company will now use to finance its next phase of development.

CD Ladder Calculator: How to Build a Smarter Savings Strategy

A CD ladder calculator can help savers plan how to earn...
spot_img

spot_imgspot_img