The year 2020 brought us a devastating pandemic and an economic slowdown but also some decisive moments for the global energy transition. Last year ushered in a wave of groundbreaking pledges on carbon and climate neutrality. Meanwhile, clean energy investments have proven resilient to the global economic downturn, further shrinking prices for renewable power generation equipment and the ongoing electrification of many economies. Finally, a potential game changer for the global energy transition occurred last November: After nine years of protracted negotiations, the Regional Comprehensive Economic Partnership (RCEP) was signed by 15 Asian and Pacific countries. Early signs, however, suggest it will prove a mixed bag for efforts to reduce global CO2.
Autumn 2020 has seen a dramatic net-zero shift among the world’s industrial giants, with China and South Korea aiming for carbon-neutrality by 2060 and 2050, respectively, and Japan – for climate neutrality by 2050. East-Asian economies, along with the EU, are leading the global climate efforts in terms of long-term ambitions, but a closer look at energy transition progress and the climate policies reveals another potential global leader – India. Maria Pastukhova investigates.
On September 22 China’s President Xi has delivered the country’s new pledge to reach peak carbon emissions earlier than 2030 and carbon neutrality by 2060 to the UN General Assembly. If pursued, this pledge marks a fundamental shift in China’s global climate ambitions and will have profound long-term impact on the global economy and energy markets. How sustainable will this impact be for the globe? Well, it all depends. Maria Pastukhova has the details.