China to Expand Non-Fossil Fuel Share to 80% by 2060

"Promoting Eco-Friendly Industry Development... Reducing Investment in Coal Industry"
No Specific Timeline Provided

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Suhwan] Chinese authorities have announced plans to source at least 80% of the country's total energy from non-fossil fuel energy sources by 2060.

According to Bloomberg on the 24th (local time), the Chinese government announced this plan through Xinhua News Agency on the same day.

The media reported that the plan to expand non-fossil fuel energy sources announced that day is part of China's originally proposed 2060 "carbon zero" realization plan.

According to Xinhua News Agency, the Chinese government stated that it will "significantly reduce the development" of projects with high energy consumption and carbon emissions going forward.

The authorities also revealed plans to soon introduce policies to control the operation levels of domestic coal power generation and the petrochemical industry.

The government emphasized that it will promote the development of eco-friendly industries such as clean energy vehicles and next-generation new materials, while strictly controlling investments in the coal, steel, cement, and petrochemical industries.

The government also announced its policy to gradually reduce coal usage in the future.

However, the government did not provide a specific schedule for fossil fuel reduction and coal power control policies.

Currently, the international community is awaiting China's submission of its '2030 Nationally Determined Contribution (NDC)' to the United Nations. The NDC, presented under the 2015 Paris Climate Agreement, requires each country to submit an NDC to the UN every five years to review and evaluate the achievement of carbon reduction targets.

Analysts say that the new NDC from China, the world's largest carbon emitter, will inevitably be key to global efforts to address climate change.

Earlier in July, the authorities stated that the NDC would be released soon and that a concrete roadmap to achieve the carbon reduction targets set by the country would be presented.

Xinhua News Agency emphasized that the guidelines announced by the Chinese government on this day are also part of the effort to present such a blueprint.

The government's announcement has somewhat reduced the ambiguity surrounding China's carbon reduction roadmap. However, criticism has arisen that the Chinese government lacks commitment since it did not present a specific carbon reduction schedule.

In particular, with President Xi Jinping expected to be absent from the 26th UN Climate Change Conference of the Parties (COP26) held in Glasgow, UK, on the 31st, concerns are being raised that China's carbon reduction efforts are effectively diminishing.