Is President Xi Going to Save the Planet?
What will that do to shipping?
On 22 September, President Xi announced that the Chinese economy will decarbonise within forty years. “We aim to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060,” he said via videolink.
To understand the scale of his commitment, consider that China will have to cut its emissions more rapidly than all other nations. Of the three big global economies, China emits 28% of global greenhouse gases (GHG), the US 13% and the EU 9%.
What’s more, Xi has committed China to a programme of investment that outstrips current climate change agreements.
In the end, Xi may have his eye on the national accounts as much as on a Nobel prize for saving human society from the ravages of climate change. Because it might be cheaper to decarbonise than to stay on China’s current path.
As for shipping – the consequences are about more than zero carbon bunker fuel. There will be a change in energy cargoes as oil and coal are replaced by hydrogen carriers like LNG, ammonia and methanol.
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