COP28: Developed countries should reach net zero "much earlier than 2050": China

Developed countries should achieve net-zero emissions "much earlier than 2050", freeing up carbon emission quotas for developing countries to sustain their economic growth, a spokesperson for China's Ministry of Foreign Affairs said.

The comment by Wang Wenbin to reporters late Nov. 29 underlined China's enduring position in UN Climate Change Conference negotiations that developed countries were overwhelmingly to blame for falling behind on the Paris Agreement's targets, and needed to shoulder greater responsibility when it comes to climate actions and climate finance.

"Developed countries should take the lead to significantly increase their emission reduction efforts, to realize net-zero emissions much earlier than 2050, and to free up space for emissions so that developing countries can achieve their sustainable development goals," Wang said when asked to comment about the latest report by the UN Environment Program (UNEP), released earlier in November.

Global temperatures are set to rise 2.5-2.9 C above pre-industrial levels, the UNEP said.

"Developed countries should effectively and fully fulfill their obligations to provide funds, technology and capacity building to developing countries, adopting concrete actions to achieve the temperature-control goals of the Paris Agreement," Wang said.

China had played its part in meeting its obligations under the Paris Agreement, Wang said.

"As a responsible major developing country, China actively contributes to global climate governance. It has exceeded the 2020 climate action goals ahead of schedule and will achieve the world's greatest reduction in carbon emission intensity. From carbon peaking to carbon neutral, we will also use the shortest time [30 years] in the world's history," he said.

Developed economies have called on China, as the world's largest greenhouse gas emitter, to formulate more ambitious commitments, notably cutting coal-fired power and contributing to loss and damage funding.

China's coal-fired generation capacity additions almost doubled year on year to reach 9 GW in the third quarter, according to S&P Global Commodity Insights' China Power Market Briefing on Nov. 22. At the same time, however, China added 24.3 GW of solar capacity, 10.5 GW of wind capacity and 2.5 GW of hydro capacity.

S&P Global expected annual renewable additions to reach 224 GW during 2023-27.

Meanwhile, it saw an average 48 GW of new coal capacity added per year during the same period.

"Nonetheless, the low average utilization that constrains profitability of coal-fired power plants will dampen investors' motivation for new projects. In addition, coal-fired power profitability is also exposed to the potential risk of high fuel price volatility, with the coal price tripling to a record-high level across 2021 and 2022," S&P Global said.

Platts, part of S&P Global Commodity Insights, assessed physical thermal coal (CFR South China, 5,500 NAR) at $116/mt on Nov. 29.