This week Simon Hopkins was pleased to address the biggest institutional investment conference of the year in Monaco, where he flagged the huge priorities of the Chinese government to decarbonise its economy and export some of the most innovative carbon emission reducing technologies that will tackle these seismic challenge globally
Initial areas of discussion included why the Climate Action Tracker has rated China as ‘highly insufficient’ in contributing towards achieving the net zero target. For example, in 2019, China alone contributed to 27% of total global emissions – over double the US, the second highest emitter. Despite this, China has pledged in the recent 14th Five-Year Plan to tackle the crisis head on.
China is aiming for peak emissions by 2030, and carbon neutrality by 2060. The plan calls for an 18 per cent drop in carbon intensity and a 13.5 per cent fall in energy intensity from 2020 levels. To highlight one are of global leadership from leadership 2010 to 2020, China was the largest EV producer globally and accounted for 44% of electric vehicles manufactured, with about 4.6 million units in both production and sales during the decade. By 2030, 40 percent of vehicles sold in China will be electric.