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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: China plans to cut CO2 emissions in key sectors by about 1% of the 2023 national total through efficiency improvements in industries like steel production and transportation
• This aligns with President Xi Jinping's push for "new productive forces" and aims to reduce energy usage by 2.5% per GDP unit in 2024
🔭 The context: China, the world's largest energy consumer and greenhouse gas emitter, aims for CO2 emissions to peak before 2030
• The new plan emphasizes reducing coal and petroleum consumption, boosting biofuel use, and enhancing renewable energy sources to account for 39% of total power generation by 2025
🌍 Why it matters for the planet: These efforts are crucial for global climate goals, as China plays a significant role in global carbon emissions
• Achieving these targets could significantly reduce the country's environmental impact and set a precedent for other nations
⏭️ What's next: The plan includes developing large-scale renewable power complexes, offshore wind power, and increasing new energy storage capacities
• Additionally, China will gradually abolish restrictions on new energy vehicle purchases and implement supportive policies
💬 One quote: "It was possible China's CO2 emissions could have peaked in 2023," said Lauri Myllyvirta, senior fellow at Asia Society Policy Institute
📈 One stat: The plan calls for at least 40GW of new-type energy storage by the end of 2025, up 33% from the previous goal, with China having 35.3GW installed as of early 2024
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