Zhejiang provincial government has published a timeline for carbon peak and carbon neutrality, as reported by Sina on February 18. According to the timeline, Zhejiang set three targets for decarbonization. By 2025, the province intends to meet national targets for energy consumption per GDP and carbon emission reduction per gross domestic product (GDP), as well as increase the share of non-fossil energy consumption to 24%. By 2030, the province aims for a 30% share of non-fossil energy in its overall consumption, and slash carbon emissions per GDP by 65% from 2005 levels. By 2060, Zhejiang plans to have more than 80% of energy consumption from non-fossil sources, while effectively managing all other greenhouse gases (GHG) such as methane. Local authorities will create a technology development roadmap for carbon peak and carbon neutrality, focusing on zero-carbon electricity, carbon capture, utilization, and storage (CCUS), and other fundamental technological advancements.

Zhejiang has the fourth-largest GDP in China in 2021 and showed rapid YoY GDP growth of 8.5% from 2020. Since President Xi Jinping’s carbon neutrality announcement in 2019, the country has been taken steps to reduce emissions, including developing a green, low-carbon, and circular economic system, promoting industry and energy restructuring, and launching a national carbon emission trading scheme. According to the national carbon-neutral strategy, renewable energy will account for more than half of installed power output by 2025, and non-fossil energy consumption will account for 80% by 2060. China also constructed 53 GW of solar capacity in 2021, ranking first in the world for the ninth year in a row.

Sources:

https://finance.sina.com.cn/esg/ep/2022-02-18/doc-ikyakumy6532049.shtml

https://www.zj.gov.cn/art/2022/2/17/art_1554467_59667450.html

http://www.qstheory.cn/qshyjx/2022-02/18/c_1128389507.htm

https://news.cctv.com/2022/01/21/ARTImkXTljnbqNt8zFjI0xw2220121.shtml