China’s Belt and Road Initiative Shifts Focus to Renewable Energy
The 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28) has commenced in Dubai, United Arab Emirates, running from November 30 to December 12, 2023. As the world gathers to address climate change, a recent report highlights China’s significant strides towards a sustainable future.
In early November, Wood Mackenzie Ltd, a global research and consultancy group specializing in energy, published a report titled “China’s Belt and Road Initiative Turns Away from Coal.” The study reveals a remarkable shift in the energy portfolio of China’s Belt and Road Initiative (BRI), with renewables now accounting for nearly 60% of overseas development projects currently planned or under construction. This is a substantial increase compared to the 37% of renewable capacity built over the last decade.
Over the past ten years, Chinese firms have implemented 128 gigawatts (GW) of overseas power projects, surpassing the entire generation capacity of the United Kingdom. Approximately 70% of these projects are concentrated in South and Southeast Asia. The report notes, “There is no doubt that BRI capital, technical expertise, and supply chains have provided a major boost to power capacity across the developing world.”
The shift in the BRI’s energy mix is attributed to China’s 2021 commitment to a “no new overseas coal power” policy. Since then, three-quarters of new BRI projects under construction are renewable energy projects, compared to less than 20% a decade ago. Furthermore, almost 90% of proposed coal-fired projects have been canceled since the policy shift.
While global contradictions in climate actions persist, particularly among historical emitters in the Global North, China stands out for actively promoting climate-centric sustainable development. As the world’s second-largest economy, China has pursued extensive environmental policies aligned with global climate obligations. Its efforts in trade, investment, and technological cooperation reflect a keen awareness of the impact its domestic activities have on global climate change.
Domestically, China committed to reaching its peak carbon dioxide emissions by 2030 in its initial Nationally Determined Contributions (NDCs) in 2016. This commitment was updated before the COP26 UN climate conference in 2021, with China pledging to become carbon neutral by 2060. Monitoring groups like Climate Action Tracker predict that China’s emissions will peak soon, years before the government’s target, leading to per capita emissions that are significantly lower than those of some developed nations.
China’s proactive approach in shifting towards renewable energy, both domestically and through initiatives like the BRI, underscores its role in spearheading the global agenda for a sustainable future. As the international community convenes at COP28, China’s actions provide a roadmap for integrating sustainable practices into economic development.
Reference(s):
The Green China Solution: Spearheading 'sustainable future' agenda
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