Boosting the global energy transition
1 year, 2 months ago

Boosting the global energy transition

China Daily  

SHI YU/CHINA DAILY Through the Belt and Road Initiative, China can provide a much-needed boost to global climate action, benefiting billions of women, men and children around the world Over the past 10 years, the Belt and Road Initiative has made sizeable contributions to global development. The International Energy Agency data shows that China produced more than 80 percent of global solar panels, and accounts for half of the global wind power capacity additions in 2022.Costs continue to fall, and in many cases they are already lower than fossil fuel power. However, there remain serious challenges to translating China's technological and manufacturing capabilities into a faster global energy transition. China already has clarified its vision of supporting developing countries in their energy transition, and it can further clarify this by setting time-bound targets such as total overseas investment, or total overseas installed capacity of solar and wind power by 2030. Active coordination and dialogue with other development partners is also essential, for example, to develop joint plans and projects, reduce the risk of geopolitical rivalry, maintain sustainable debt levels, and ensure the smooth phasing down of coal power in countries involved in the BRI.Developed country actors who are serious about climate action should stop treating the BRI as a threat, and actively engage with China on the global energy transition.

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