China announces first absolute emissions reduction goal

China announces first absolute emissions reduction goal

China announces its first absolute emissions reduction target. President Xi Jinping reveals interim climate goals to cut greenhouse gas emissions by 7%-10% from peak levels by 2035, alongside ambitious targets for renewable energy capacity and non-fossil fuel consumption….


China’s President Xi Jinping has unveiled new interim climate goals, including a target to reduce economy-wide net greenhouse gas (GHG) emissions by 7%-10% from peak levels by 2035. This marks China’s first-ever absolute emissions reduction target. Speaking via video at a UN Climate Summit, President Xi also set 2035 targets to expand China’s installed capacity of wind and solar power to 3,600 gigawatts—over six times the 2020 levels—and to increase the share of non-fossil fuels in total energy consumption to more than 30%.

The new emissions reduction goal will form part of China’s Nationally Determined Contribution (NDC) under the Paris Agreement. NDCs are national climate action plans that countries must update every five years with increasingly ambitious targets. In 2021, China committed to reaching peak GHG emissions before 2030 and achieving climate neutrality by 2060.

China is the world’s largest emitter of greenhouse gases, accounting for nearly 30% of global emissions in 2024, more than twice that of the second-largest emitter, the United States. Despite being China’s first absolute emissions reduction target, the new goal is less ambitious than those of other major countries. For instance, Australia has set a 2035 target to reduce GHG emissions by 62%-70%, and Switzerland aims for a 65% reduction.

Several climate-focused organisations have expressed disappointment with China’s new targets, urging greater ambition from the world’s largest emitter. Norah Zhang, China lead for Climate Action Tracker (CAT), commented that the target could have been a significant opportunity for China to aid global climate goals. However, CAT’s calculations indicate that the new target is unlikely to further reduce emissions, as China is already on track to meet this goal with existing policies. CAT also noted that President Xi’s renewable energy target is less ambitious than current policy scenarios suggest.

In contrast, U.S. President Biden announced a goal to reduce GHG emissions by 61%-66% by 2035. However, former President Trump has attempted to reverse many of Biden’s climate initiatives and recently described climate change as “the greatest con job ever perpetrated on the world” at the UN.

In response, President Xi emphasised the importance of a green and low-carbon transition, urging the international community to remain focused and committed to global climate governance. Besides emissions reduction and clean energy targets, Xi outlined other climate-related 2035 goals, such as increasing total forest stock volume to over 24 billion cubic metres, making new energy vehicles mainstream in new vehicle sales, and expanding the National Carbon Emissions Trading Market to cover major high-emission sectors.

President Xi stated that these targets represent China’s best efforts under the Paris Agreement, requiring substantial efforts domestically and a supportive international environment. He expressed confidence in China’s ability to fulfil its commitments.

—



  • ICG management fees rise as profits fall

    ICG management fees rise as profits fall

    ICG reports higher management earnings despite falling overall pre-tax profits. Fee-related earnings increased 18% to £199m, while total assets under management reached $145bn following a change in reporting methodology.


  • Motorpoint profit rises 81% as sales grow

    Motorpoint profit rises 81% as sales grow

    Motorpoint’s stronger interim earnings accompany record sales and expansion plans. Pre-tax profit increased 81% to £6.5m as higher vehicle volumes and improved margins supported the retailer’s financial performance.


  • Cavendish simplifies leadership amid declining advisory revenue

    Cavendish simplifies leadership amid declining advisory revenue

    Cavendish has consolidated its leadership following weaker interim financial results. Julian Morse becomes sole chief executive as the investment bank targets more than £3m in annualised savings after reporting a statutory pre-tax loss.