China announces goals for peak carbon emissions by 2030 and carbon neutrality by 2060; can single-handedly reduce global emissions by 30%

September 23, 2020
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China has established itself as global leader in key new energies, but its emissions have grown significantly in the past two decades, making up nearly 30% of the global share. Very few details were unveiled, but China highlighted that a green strategy in a post-COVID world is important for global economic recovery. The country now joins the EU with aggressive carbon-neutral targets, as the two regions are poised to play leading roles in the global energy landscape. In the near term, we expect CO2 capture to see a significant uptick, but clients should also view the country as a key region to test and deploy solutions for hard-to-decarbonize industries as well, with China lagging in domestic development in several key technologies.

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