China off track on emissions goals as energy demand offsets renewables push, researchers say
China CO2 emissions on course to rise 0.4% in 2024
China falling further behind on 2025 carbon intensity target
New climate targets to be submitted to U.N. before February
SINGAPORE, Nov 27 (Reuters) -China's emissions of carbon dioxide are on course to rise slightly this year, despite rapid progress on renewables and electric vehicles, putting a key 2025 climate target further out of reach, researchers said on Wednesday.
China wants to cut the amount of CO2 it produces per unit of economic growth by 18% over the 2021-2025 period, but it fell further behind this year as a result of rising energy demand, said the Helsinki-based Centre for Research on Energy and Clean Air (CREA) in its annual assessment.
China needs to cut emissions by 6% over 2024-2025 to catch up, but they are expected to inch up by a further 0.4% in 2024, according to CREA calculations, and radical measures will be required to meet the target next year.
Progress has been made in curbing new steel and coal-fired power capacity, and a rapid decline in cement production has also slowed emissions growth, but CO2 from a rapidly expanding coal-to-chemicals industry increased 12.5% this year, CREA said.
China's Ministry of Ecology and Environment did not immediately respond to a Reuters for comment.
The world's biggest greenhouse gas emitter is currently working on a new set of climate targets known as "nationally determined contributions", which it needs to submit to the United Nations by February.
It has pledged to bring total emissions to a peak before 2030 but the United States and others have been pushing it to commit to substantial cuts by 2035.
While 44% of experts polled by CREA believe China's emissions have peaked already, there was still room for further increases before 2030, with a new package of economic stimulus measures launched in September likely to spur growth in carbon-intensive sectors, CREA said.
China has revealed no details about its new pledges, but an influential state-run think tank said in October that it would encourage the government to set its first ever absolute carbon emission reduction target for 2035.
"The concern is that the current thinking on emission targets for the next decade is very conservative," said Lauri Myllyvirta, CREA's lead analyst.
"Setting an absolute target isn't progress per se. It's the level of the target that matters."
Reporting by David Stanway; Editing by Christopher Cushing
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.