(Bloomberg) — China, Indonesia and Vietnam should aim for deeper emissions cuts because their current programs are more polluting and more expensive than cleaner alternatives, BloombergNEF said in a report.
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The three countries accounted for 34% of global energy sector emissions last year and „have great scope to increase their ambition,” BNEF said in its new Energy Outlook on Tuesday. The report examined a total of 12 countries covering two-thirds, with countries such as India, South Korea, Germany, the US and Australia well positioned to achieve net zero, with room to increase emissions reductions. World energy emissions.
China, the world’s biggest emitter, has pledged to reach net zero emissions by 2060, burning record levels of coal, oil and natural gas by 2023, but is rapidly expanding renewable energy use. Meanwhile, Southeast Asia’s biggest emitters, Indonesia and Vietnam, have secured billions of dollars worth of financial deals from G-7 advanced economies to finance their transition away from coal and bring forward peak-emissions dates.
But their official climate targets submitted to the United Nations do not meet a scenario where global warming is limited to 1.5 degrees above pre-industrial levels, nor are they consistent with the most economically rational decisions, BNEF said.
Even in a scenario where renewables grow to account for more than 50% of the global energy supply by 2030, emissions in countries such as Indonesia and Vietnam will continue to increase until late next decade, BNEF said.
China is well placed to be more ambitious with its goals, thanks to its strong record of green power deployment, it added.
Countries submit emission-reduction and climate adaptation targets known as nationally determined contributions to the UN every five years. The next round of NDCs will take place at next year’s climate conference in Brazil.
on the wire
China’s economic miracle is coming to an end, leaving President Xi Jinping with a challenge that none of his predecessors faced: how to govern after the boom.
Copper giant Solaris Resources Inc. It halted a financing deal with a Chinese miner after facing a lengthy review by Canada, which sought to curb foreign state-owned investment in its natural resources.
Shanghai Futures Exchange expands daily trading range for gold futures.
This week’s diary
(Beijing at all times unless otherwise noted.)
Wednesday, May 22:
Thursday, May 23:
Friday, May 24:
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China Weekly Iron Ore Port Stocks
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Shanghai Exchange Weekly Goods Inventory, ~15:30
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Salco Online Earnings Profile, 16:00
–With help from Dan Murdock.
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