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New energy sector will accelerate as China sets new net-zero targets

  • Date: 2021-10-25
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China's new energy sector will usher in great opportunities, as the country targets 25 percent non-fossil energy use by 2030 and over 80 percent use by 2060, experts said after the release of the new guideline to implement carbon peak and neutrality on Sunday.

"The goal of 25 percent showed that China will firmly promote the realization of the dual-carbon goal, which is definitely good for the development of new energy," said He Xi, chief engineer of new energy of State Power Investment Corporation.

The chief engineer said new energy development will accelerate and the country will actively promote the development of the power system, where multiple new energy sources can be used for power supply.

As China has been boosting green and low-carbon energy development, China's non-fossil energy use in 2020 was 15.9 percent, according to Zhang Jianhua, head of the National Energy Administration. That was almost 10 percentage points away from the goal of 25 percent by 2030.

The non-fossil energy use target is part of China's larger plan for achieving peak carbon emissions by 2030 and reaching net-zero by 2060, and it is also an updated commitment under the Paris Agreement.

The new guideline has made energy-saving a priority and emphasized further improving production efficiency, reducing carbon emissions and adding new energy use, according to Wang Zhixuan, vice president of the China Electricity Council (CEC).

The guideline prohibited blindly developing energy-intensive and high-emission projects. Instead, the country will introduce production control policies for coal power and the petrochemical, coal and chemical industries, and enhance guidance on overcapacity.

Since September, the construction of domestic new energy projects has accelerated significantly, and construction of the first phase of the large-scale wind power and photovoltaic base with an installed capacity of about 100 million kilowatts has started.

The installed capacity and proportion of  domestic non-fossil energy for power generation will surpass that of coal-fired power generation for the first time this year, according to the CEC.



Date:October 25, 2021