Sunday, July 19, 2015

Climate Pledge Puts China on Course to Peak Emissions As Early As 2027

Energy-related CO2 emissions in major economies and the rest of the world, 1970-2014. (Credit Source: BP Statistical Review of World Energy 2015. Chart by Carbon Brief) Click to Enlarge.
China is aiming to peak its carbon dioxide (CO2) emissions "around 2030" and will make "best efforts" to peak early, its climate pledge to the UN confirms.

China's  intended nationally determined contribution (INDC) includes a new target to reduce its carbon intensity by 60-65% of 2005 levels by 2030.  Carbon Brief analysis suggests the top end of this range would see CO2 peaking in 2027.  China also says it will source 20% of its energy in 2030 from low-carbon sources.

The announcement, which adds to existing  Chinese commitments, came on a busy day on Tuesday for climate pledges.  South Korea, Serbia, and Iceland all filed INDCs with the UN, bringing the share of global emissions covered by pledges to nearly 56%.  Tuesday also saw Brazil and the US announce new commitments to renewable energy at a joint summit in Washington.
There is great potential for cost-effective energy efficiency improvements in China, particularly in industry, according to the International Energy Agency (IEA).  If exploited, the IEA says this Chinese CO2 emissions would peak by the early 2020s.
To achieve these ambitions, China has been investing more in renewable energy than the US, EU and Japan put together.  Combined low-carbon power capacity could expand by 800-1,000GW between now and 2030, according to the World Resources Institute.
[China] says it will establish a Fund for South-South Cooperation on Climate Change to provide "assistance and support, within its means" to other African nations, small island states and other developing countries.  This breaks with previous tradition, where developed nations are the only ones that have been obliged to provide climate finance.

Read more at Climate Pledge Puts China on Course to Peak Emissions As Early As 2027

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