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Experts' View NO.10 2020 / 12

Development led by Xie Zhenhua, special advisor
on climate change affairs of China, laid out a plan
for the energy transition towards China’s carbon 63
neutrality. According to the plan, between 2025 and Europe’s and China’s choices have the
2060 the use of coal will be reduced by 96%, natural same objective and similar paths.
gas by 75% and oil by 65%.While nuclear is growing
by 382%, solar by 587%,wind by 346%, biomass by
100% and hydro by 50%.
Expected investments amount to approximately $15
trillion over the next 30 years.The economic impact of
China’s carbon neutrality pledge has been evaluated Considering the magnitude of the required
using Cambridge Econometrics'E3ME macroeconomic investments,it would make sense to identify and
model (Hector Pollitt): First, the trajectory of carbon agree on ways both to collaborate in the research
neutrality would raise China’s GDP, especially in the and development of technological solutions,
short term, due to the size of the investments needed to set up common standards, to maximize the
to increase the production and installation of zero efficiency of investments in low carbon technologies
emissions technologies and systems. Second, the development.
carbon intensity reduction of China’s economy will The decision to establish a platform for dialogue
also reduce the embedded carbon emissions in the on climate change at the conclusion of the Europe-
products : this will protect China from the proposed China Summit on September 14 could be the key to
carbon adjustment taxes, required by Europe on fostering joint work.
products imported by China. Third, the economy of Will the global challenge of climate change be
scale in zero-low carbon technologies production to an opportunity to resume a more constructive all-
meet China’s pledge will result in a spill-over effect round dialogue? It would be possible, for example,
with two consequences: lower prices in the global resuming the joint work on the Europe-China
market and increased exports from China. China's electricity interconnection,already evaluated by the
decarbonization could hence be a win-win choice, EU Commission Joint Research Centre to enhance
with positive global effects on carbon emissions the transmission of renewable energy produced in
reduction. the two continents.

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