China’s Pledge to be Carbon Neutral by 2060 – Here’s what you need to know | Part 3

 

“Science is key to ensuring the simultaneous realization of carbon neutrality and economic and social development”

Wang Zhigang, Chinese Minister of Science and Technology Wang Zhigang.

Peaking carbon dioxide emissions and achieving carbon neutrality will bring about a sci-tech revolution, resulting in major changes in the economy and society, which is no less important than the three previous industrial revolutions, said Wang at the Xiangshan Science Conferences held in Beijing recently.

The emission control efforts will test and develop a series of scientific conclusions, methods and technological innovations, said the minister, calling on Chinese researchers to create competitive advantages through sci-tech innovations to support China's low-carbon development.

He also stressed talent cultivation, which will provide support for achieving the carbon-neutral goal.

Chinese ministries have estimated the investment to achieve carbon neutrality by 2060 stands at a massive $14.725 trillion (100 trillion renminbi) over the next 30 years, an average of $4.9 trillion per decade and $490 billion per year. To put this in perspective,  the G20’s fiscal stimulus in 2008 amounted to $1.1 trillion, with China’s contribution at $586 billion, and the current global response and recovery to Covid-19 has reached $10 trillion. With such an ambitious level of investment, studies are already showing that China will benefit greatly from driving the global low-carbon transition in the next 30 years.

In the next blog series, we will look into a few green tech startups from Europe, stay tuned.

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