Recently, Climate Transparency presented its new report “Brown to Green: The G20 transition to a low-carbon economy” in Jakarta, Indonesia along with the G20 Climate Change Performance Index (CCPI).
According to the report, G20 countries account for 85% of global GDP and 80% of worldwide CO2 emissions and should play a leading role in the global transition to low-carbon economy.
The report says that green investments are increasing in G20 countries, but government actions still favor brown over green infrastructure, making it difficult to realize the goal set in the Paris Agreement, “holding the increase in the global average temperature to well below 2°C.”
Though the G20 members have already started the transition and witnessed improvements in economic efficacy and energy efficiency. However, the pace is too slow compared with the goal set in the Paris Agreement. Fossil energy still plays a dominate role in each member country's energy structure. Carbon intensity in energy supply continues to climb and greenhouse gas emissions keep rising though slowly.
The report finds that China’s performance rates low in the categories of greenhouse gas emissions per capita, energy intensity of the economy, carbon intensity of the energy sector, energy use per capita and share of coal in energy supply. Experts rate its current policy performance high compared to other G20 countries. On an international level, China has assumed a strong leadership role.
National experts stress China’s rapid expansion of renewable energy and the possibility of CO2 emissions peaking before 2030, earlier than planned. The country is swiftly decommissioning coal power plants and aims to increase its renewable energy capacity by 38% above 2015 levels by 2020.
China‘s coal use started to decline from 2014, and it is believed this trend will continue. China has the highest subsidies for electric cars within the G20. China rates as having one of the G20’s highest levels of investment attractiveness for renewable energy. The first Chinese green bonds were issued in late 2015, but substantial growth has since made China 2016’s largest single green bond issuing country.
Source: Economic Daily