Well, breaking news will now keep coming every day ahead of #COP26 but this one could have MASSIVE implications for global energy markets & #fossilfuel demand: #China announces first details of its carbon neutrality framework aiming at #netzero by 2060 1/5 gov.cn/zhengce/2021-1…
The document introduces several consumption "peaks": peak #coal by 2025, peak #oil during the 15th 5-yr plan (2026-2030). Food for thought for #China's largest oil suppliers #SaudiArabia, #Russia, #Iraq, #Angola, #Brazil; and coal suppliers #Russia, #Indonesia, #Australia. 2/5
Energy #efficiency is one of the highest priorities. 2025 target is to reduce energy intensity of GDP by 13.5% compared to 2020 (note, the baseline is the COVID year)! New standards and certification to be introduced for #steel & other energy-intensive industries. 3/5
Speeding up #electricity market reform, increasing #connectivity, along with efficiency & curbing ff consumption, are the main elements of a transition to a low-carbon energy system. This will have impact on both the domestic market & regional geopolitics of connectivity. 4/5
#China pledges to lead on international standards-setting via greening the investments under #BRI, strengthening South-South cooperation, actively promoting "high-quality, high-tech" green products (heads up #B3W, race the top begins, and coordination of efforts is key). 5/5
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