![]() ![]() The country has also made efforts to lift crude oil production over the last few years, and is increasingly focused on deepwater drilling in the South China Sea to boost output. ![]() Xi’s focus on emissions comes as China has ramped up coal production and imports this year in a bid to minimize any repeat of blackouts in 2022. CO2 emissions are dominated by the burning of fossil fuels for energy production, and industrial production of materials such as cement. Shares of Longi Green Energy Technology Co., the world’s largest solar equipment maker, rose as much as 6% in Shanghai on Wednesday. It’s the first time China has issued concrete plans to achieve net zero. There will possibly be a value assigned to carbon reduction and it comes amid recent discussions on reviving the stalled offsets market, he said. Xi said China aims to reach peak carbon emissions by the end of the decade and achieve carbon neutrality in 40 years. The renewed emphasis on controlling carbon emissions is “highly likely” to be positive for independent renewable power producers, Daiwa Capital Markets said in a note by analysts including Dennis Ip. The remarks come before US Climate Envoy John Kerry’s visit to China later this month for talks on global warming ahead of a United Nations climate conference in November. This advertisement has not loaded yet, but your article continues below. Chinas rapid economic growth has come at great cost to the environment, resulting in drastic pollution, including greenhouse gas emissions. ![]()
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