Top polluter China’s shrinking emissions put carbon peak in play

illuminem summarizes for you the essential news of the day. Read the full piece on Bloomberg or enjoy below:

🗞️ Driving the news: China's carbon dioxide emissions are projected to decline in 2024 for the first time since 2016, indicating that the world's largest polluter may have already peaked its greenhouse gas emissions
• This shift is driven by a decrease in coal and oil use, alongside a surge in renewable energy adoption

🔭 The context: China's economy is moving away from emissions-intensive sectors, with significant investments in renewable energy
• Record installations of solar panels and wind turbines are reducing reliance on fossil fuels, while structural shifts in the economy, such as the deflation of the real estate sector, are lowering emissions from industries like cement and steel

🌍 Why it matters for the planet: An early peak in China's carbon emissions could ease global efforts to limit climate change
• Given that China accounted for over 30% of global emissions in 2022, sustained emission reductions would significantly impact global carbon levels

⏭️ What's next: The future trajectory of China's emissions will depend on government policies, particularly responses to economic slowdowns and grid infrastructure improvements
• Continued emphasis on renewable energy and market-based reforms are crucial for maintaining and accelerating emission reductions

💬 One quote: “If it is true that real estate is no longer seen as the engine for growth, then it is likely you could see emissions projections going down,” said Bernice Lee, research director at Chatham House

📈 One stat: Coal-fired electricity generation in China declined by 7.4% in June, marking the second consecutive monthly drop

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