China, with an 18% share of the global population, uses 26% of the world’s primary energy and emits 33% of the world’s energy-related CO2. The energy transition unfolding in the country isn’t merely a national affair as its ramifications echo globally, explains Mahnaz Hadizadeh, a researcher for consultancy DNV.
It is by far the largest global consumer of coal, with more than 50% of worldwide consumption, yet it is also by far the leading installer of renewable energy generation capacity.
There remains, however, some uncertainty over the effectiveness of the future investment strategy of the state as it pivots from property and infrastructure spending toward support for higher-value-adding manufacturing and consumption-led growth in consumer goods and services.
China’s energy usage is slated to peak in 2030 and is set to be followed by a remarkable 20% reduction by 2050 as a result of electrification and efficiency initiatives.
This decline will also be related directly to demographic shifts, including a projected population decrease of 100 million people by mid-century.
Of the 10 world regions in DNV’s forecast, China currently ranks sixth in terms of electrification of demand but it is projected to rise to second place, with electricity comprising 47% of final energy demand by 2050, surpassing Europe and North America and trailing only the Organisation for Economic Cooperation and Development Pacific area.
Sustained cost reductions, due to learning effects, will be the main driver behind the projected increase in solar and wind.
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It is by far the largest global consumer of coal, with more than 50% of worldwide consumption, yet it is also by far the leading installer of renewable energy generation capacity.
There remains, however, some uncertainty over the effectiveness of the future investment strategy of the state as it pivots from property and infrastructure spending toward support for higher-value-adding manufacturing and consumption-led growth in consumer goods and services.
China’s energy usage is slated to peak in 2030 and is set to be followed by a remarkable 20% reduction by 2050 as a result of electrification and efficiency initiatives.
This decline will also be related directly to demographic shifts, including a projected population decrease of 100 million people by mid-century.
Of the 10 world regions in DNV’s forecast, China currently ranks sixth in terms of electrification of demand but it is projected to rise to second place, with electricity comprising 47% of final energy demand by 2050, surpassing Europe and North America and trailing only the Organisation for Economic Cooperation and Development Pacific area.
Sustained cost reductions, due to learning effects, will be the main driver behind the projected increase in solar and wind.
The original article contains 870 words, the summary contains 193 words. Saved 78%. I’m a bot and I’m open source!