Chinese President Xi Jinping in his speech at the United Nations General Assembly said that China aims to be Carbon Neutral by 2060 means that the country will invest in initiatives and technologies in the country to reduce its carbon footprint reaching it to zero by 2060.
China would be needed to offer incentives in making electric vehicles, investing in renewable energy sources and other new technology that will end the countries need for energy through fossil fuels. China currently produces about 58% of energy through coal that it plans to reduce to 14% by 2050.
As Bloomberg reports Sanford C. Bernstein & Co claims that it’s a mammoth challenge for a country like China and it would need about $5.5 trillion to reach this goal.
China is a leading nation in adopting electric vehicles for mobility and it expects to make electric vehicles the only source of clean transportation by the mid-2030.
The country is also using Hydrogen as a source of energy which is one of the best forms of clean energy, currently, alkaline electrolyzers costs at $200 per kWh in China while the same costs about $1,200 per kWh in North America and Europe.
China is also investing in the fourth-generation of Nuclear Power that promises to be much safer and cleaner than the current and previous generation of nuclear reactors which Bill Gates firmly believes that will be the major option for clean energy in the future and TerraPower (Bill Gates-backed energy company) plans to start its first test in China.
Experts that Bloomberg interviewed regarding this challenge, they said that China is the only country that can reach this goal, and the CCP (Chinese Communist Party) will get its people to do as it says.
Enviornmentalists also claims that if China reaches its goal by 2060, the increase of +2.7C in the global temperature by 2100 will be reduced to +2.4-2.5C in 2100.
The challenge taken by China could also make other countries to set their Carbon-Neutral targets.