Report: China ‘can save $1.6 trillion by scrapping coal’

China 'can save $1.6 trillion by scrapping coal', report says
Coal-fired power stations are still a major part of China's energy production. Source: Getty Images
2 Min Read

Daily US Times: According to a report, China can save up to $1.6 trillion over 20 years by switching from coal power to renewables energy.

The authors of the report say that to meet its climate pledges, China must close 588 coal-fired power plants in a decade. But the authors insist the move will save cash, because renewables are now so much cheaper than coal.

It mirrors the situation in the United States, where coal tumbled from being the cheapest major fuel to the most expensive.

China, one of the vast economies in the world, is currently running 1,058 coal plants – more than half the world’s capacity.

The report from the climate think tank, TransitionZero, say to meet its stated goal of becoming “carbon neutral” by 2060, China must take radical action now.

Beijing has announced it’s building five new nuclear stations to supply clean power – and Chinese President Xi has announced he will join a French-German climate summit on Friday.

It’s also the world leader in solar panels and wind turbines.

But over the past year China has strayed in a high-carbon direction, with regional governors of the country building new power stations to stimulate economic growth.

The authors warn that China’s 14th Five-year Plan risks creating “stranded assets” – that’s coal plants which get built but not used.

It’s based on machine learning and satellite technology, which are being used for the first time to determine exactly how much CO2 China’s power sector is emitting.

Western diplomats have been suspicious about China’s data, which is published on a provincial basis every month.

You may read: US seeks China climate agreements ahead of Biden summit