Carbon Neutrality Challenges

In September 2020, China announced twin climate targets of peaking carbon dioxide emissions before 2030 and achieving carbon neutrality before 2060. The ambitious pledges mean that China must achieve an unprecedented reduction in carbon emissions and move from peak carbon to carbon neutrality faster than any country in history. Wang Zhigang, head of the Ministry of Science and Technology, said the two targets will bring forth a fundamental change to both the economy and society, and the significance is no less than a new industrial revolution. Policymakers pointed out that the central government will ramp up high-quality clean energy development and avoid one-size-fits-all measures. Peaking carbon dioxide emissions before 2030 means that provinces and regions which are heavily dependent on coal for electricity have to substantially adjust their energy and industrial structure. Renewable energy, driven by technological advancement, will play an increasingly important role if China is to meet these climate targets.