China’s plan to reach carbon neutrality by 2060 could end up costing it $5 trillion, Wood Mackenzie analysts have said in a new report . “The hefty bill is the total sum required for additional power generation capacity to accommodate the growth in electrification by 2050,” they noted. China is the biggest emitter of carbon dioxide but it is also the biggest investor in renewable energy projects. However, the country’s emissions are still on the rise and they will only peak in 2030, under current decarbonization plans. Europe has asked China to try and accelerate the decarbonization push, moving peak emissions to 2025. Last month, Beijing announced plans to become carbon neutral by 2060. “We aim to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060,” President Xi Jinping told the United Nations General Assembly. This will require a lot of work as China is heavily […]