The international climate change mitigation plan welcomed another surprise move from China. The country stated that it would be working towards significant emission reduction by the end of this decade and hopefully achieve net-zero emissions by 2050. The transition of power to Joe Biden has also assured the international community of the United States’ support for the climate change mitigation goals.
China and the other nations are realizing that aggressive decarbonization plans are the solution to the climate change problems. However, researchers have noted that the increasing economic advantages of the positive climate policies are the primary reason why China has come up with these ambitious strategies. The affordability of clean energy allows the country to export automotive technology, decarbonization of homes, and increasing the productivity of the local companies aligned with the clean energy markets.
Research has proved that diving into decarbonization plans can help China to replace its reputation as a greenhouse gas emitter with economic growth clocking 15% by the end of the decade due to renewable energy. The success of China’s plans, according to President Xi Jinping, will involve reliance on emission-free energy sources like nuclear energy.
Additionally, the country will be tripling its wind and solar energy potential through the coming decade to clock 1200 GW from the initial plan of 415 GW by the end of the decade. These declarations by the president mean that the country will be establishing a green economy with high-quality development. However, experts are suspicious of undefined strategies that will achieve these ambitious objectives, with some arguing that the plan is solely dependent on the cooperation and partnership with the Biden administration.
Moreover, the plummeting clean energy prices have opened avenues for China to achieve its clean energy goals. For instance, the average cost of electricity from a new solar farm in China is down by 82% through the last decade. On the other hand, the wind power prices have dropped by a third, making it more affordable than energy from coal-fired power plants. The latest research updates indicate that China can achieve 62% clean energy by the end of this decade while minimizing the power costs by over 10%.
Additionally, the growing technological advancement in battery technology for electric vehicles could force people to take up the cars in preparation for the ban on conventional ones. This move would create an opportunity for renewable energy to fuse with the supportive infrastructure for the vehicles to promote the reduction of emissions from the transportation sector.