China’s decarbonization plan requires an additional investment of up to $17 trillion for a vast development in green infrastructure and technology for the energy and transport industries.
In a recent “China Country Climate and Development Report,” the World Bank said that China emits 27% of global carbon dioxide and a third of greenhouse gasses annually worldwide.
Therefore, the extra investment will allow the country to hit peak emissions before 2030 and cut nearly 55 billion tons of the resultant carbon emissions by 2060, along with easing the impacts on GDP in the long run.
Reuters noted that China would need to encourage more substantial private sector investment to cover huge costs and create essential changes.
Manuela Ferro is the World Bank’s vice president for East Asia and the Pacific. He said, “China’s long-term growth prospects are increasingly dependent on rebalancing the economy from infrastructure investment to innovation, from exports to domestic consumption, and from state-led to market-driven allocation of resources.”
The World Bank emphasizes that it is vital for China’s economy to transition to reduced carbon intensity to accomplish global climate goals.
It said, “This transition will require a massive shift in resources, innovation and new technologies to enhance energy efficiency and resource productivity.”
In addition, the World Bank thinks that China can utilize its advantages to reach carbon neutrality. These include more significant profits from low-carbon technology manufacturing, a higher national savings rate, and a dominant position in sustainable finance.
According to SCMP on October 13, Beijing is tightening control over the carbon footprint of the digital infrastructure sector.
Despite being smaller, the industry is still classified as one of the major decarbonization goals, just like other traditional heavy-emitting sectors, including energy and transportation.
The outlet, citing data from Greenpeace last April, reported that carbon emissions from digital infrastructure in China, the world’s most extensive 5G network, are expected to spike 152% to 310 million tonnes in 2035 from 2020.
The industry’s power consumption is projected to reach 782 billion kilowatt hours before 2035, the equivalent of around 5% to 7% of China’s total power consumption, extending from 2.7% in 2020.