China’s Department of Climate Change have submitted its carbon emissions reduction goals to the United Nations (click HERE) to read the full submission (the English Translation follows).
China has stated that it intends to:
- lower carbon dioxide emissions per unit of GDP by 60-65% from 2005 levels;
- increase the share of non-fossil fuels in primary energy consumption to around 20%; and
- scale up the development of wind power to around 200 gigawatts (more than doubling China’s achievements as at the end of 2014) and to accelerate the development of solar power to around 100 gigawatts (almost four times China’s achievements as at the end of 2014).
These commitments represent a significantly more ambitious set of targets than those China was prepared to make in 2009. The proposal comes ahead of efforts to achieve a globalised deal on reducing carbon emissions at a United Nations meeting in Paris in late 2015.
China’s submission will involve substantial costs and it is likely that the newly formed, China backed, Asian Infrastructure Investment Bank (AIIB) will have a significant role to play in that respect. The AIIB was launched out of recognition for the fundamental need for infrastructure in the development of Asia. AIIB is expected to be operational by the end of 2015.