Investment in China’s green energy sector could amount to 60 trillion yuan ($9.17 trillion) as the world’s biggest carbon emitter looks to achieve its target of carbon neutrality in the next 40 years, one of the nation’s leading investment banks predicted.
One-third of the forecast amount, or 20 trillion yuan, may go to the solar sector due to its flexible development formats and plentiful sunshine, Liu Jun, chief new-energy analyst at China International Capital Corp. Ltd. (CICC), said in a report released Thursday.
The National Energy Administration said clean energy accounted for 24.3% of the overall energy consumed in 2020. However, fossil fuel would still make up 22% of the energy mix by 2060, equivalent to the use of 1.34 billion tons of coal, said the CICC report, adding that emissions from that kind of energy source need to be captured in order to meet the carbon neutrality goal, and such technology would be used in sectors such as steel, cement, and aluminum.
Decarbonization is not only a Green Tech strategy. Hydrogen is a great complement of wind/solar energy.