China sets cracking pace in carbon abatement

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From Reuters:

It will cost China over $6.6 trillion (41 trillion yuan) to meet the greenhouse gas reduction goals it will lay out later this month in its strategy for United Nations climate negotiations, the country’s lead negotiator for the talks said Tuesday.

Xie Zhenhua, special representative for climate change affairs at China’s National Development and Reform Commission, said the objectives China will outline by the end of June will be “quite ambitious”.

Xie was participating in a three-day Strategic and Economic Dialogue forum in Washington where he met with counterparts in the Obama administration, including U.S. climate negotiator Todd Stern, Environmental Protection Agency Administrator Gina McCarthy and Energy Secretary Ernest Moniz.

To meet its objectives, China, the world’s biggest greenhouse gas emitter, must reconfigure its coal-dependent energy mix and develop new energy sources, Xie said.

“We will need to carry out international cooperation and research and development to reduce the costs of relevant technologies and to innovate so that we can reach our objectives,” he told reporters at a State Department briefing.

The United States and China announced on Monday they will partner on two new carbon-capture, utilization and storage projects to help commercialize the technology.

That’s some excellent news right there. What a shame we’re not out front on carbon capture and storage tech to sell into the Great Powers push.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.