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illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: According to a recent study by the Norwegian firm DNV, China's coal consumption is expected to decrease by only one-third by 2040, falling short of global climate goals which aim for a significant reduction in coal use to maintain global temperature increases within 1.5 degrees Celsius
🔭 The context: Even with a substantial increase in renewable energy, coal will still play a significant role in China’s energy landscape, especially in the iron, steel, and coal-to-chemicals sectors
🌍 Why it matters for the planet: This limited reduction in coal use by a major emitter like China could jeopardize global efforts to mitigate climate change
• It underscores the challenges in aligning national energy strategies with international climate targets
⏭️ What's next: China’s energy transition includes a significant ramp-up in renewable energy, expected to account for 88% of its power generation by 2050
• However, achieving carbon neutrality by 2060, as per China's own targets, will require more aggressive measures in decarbonizing various industrial sectors
💬 One quote: "It would be unrealistic to completely phase out fossil fuel energy," stated Xie Zhenhua, former climate envoy, at the COP28 climate talks
📈 One stat: Coal's share in China's energy mix is projected to still be 25% of its peak by 2050.
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