Page 6 - AsiaElec Week 47 2022

AsiaElec CLIMATE CHANAGE AsiaElec

COP27: China, US lock horns over

climate commitments

CHINA CHINA and the US agreed at the COP27 sum- generation mix for years to come. While most
mit to resume climate talks, after discussions of the largest economies in the world have com-
ended over tensions following US Speaker of the mitted to reducing emissions as soon as possible
House Nancy Pelosi’s controversial visit to Tai- and reaching net-zero by 2050, China has only
wan in August. But the world’s two biggest green- promised to achieve peak emissions before the
house gas (GHG) emitters still remain are odds end of this decade, and does not expect to reach
over Beijing’s perceived lack of effort in tackling net-zero until 2060.
climate change domestically, and helping to fund And to reach net-zero by 2060, the World
poor nations deal with their emissions. Bank estimates that China will need to spend
The head of China’s COP27 delegation, Xie $14-17 trillion in extra investments in green
Zhenhua, said over the weekend that he and infrastructure and technology, with $2.1 trillion
John Kerry, the US special presidential envoy for required between now and 2030 to ensure the
climate, had enjoyed “very constructive@ dis- country fulfils its nationally determined contri-
cussions at the summit. “We have had a close and bution (NDC) targets.
active dialogue, that was overall very construc- “Given the immense price tag, public invest-
tive. [We want to] ensure the success of COP27 ments won’t be sufficient to meet these needs, so
and exchange opinions on our differences.” China needs policy and regulatory reforms to
His statement to journalists reflected a warm, spur the private sector and fully tap the potential
personal dialogue. “I have a lot of respect for Mr for investment and innovation,” the report said.
Kerry. I admire his professional attitude and love. Even though it was responsible for over a
We have been working together for 20 years and third of global CO2 emissions in 2021, the World
share a common wish,” he said. Trade Organisation designates China as a devel-
US President Joe Biden and Chinese counter- oping country. Xie stressed this sentiment, stat-
part Xi Jinping likewise indicated that relations ing that China was still a developing economy
between the two countries had thawed earlier and therefore had no obligation to provide finan-
this month. cial assistance to poor nations. China has volun-
UN head Antonio Guterres called for a “cli- tarily helped countries in Latin America, Africa
mate solidarity pact” between developed and and elsewhere, though, including by providing
emerging economies at COP27, amid increased early warning systems for extreme weather,
calls from the US and other global leaders for renewable energy technology and “capacity
China to do more to confront its climate foot- building” for governments.”
print. The agreement struck at the summit, if “[In a] loss and damage fund, if there is any
finalised, will involve richer countries that have fund, the responsibility to provide funds lies
failed to provide $100bn annually for climate with developed countries,” Xie said. “That is
mitigation and adaptation to the developing their responsibility and obligation. Developing
world as promised at the 2014 Paris summit, to countries can contribute on a voluntary basis.”
pay for global warming that cannot be avoided “The recipients should be developing coun-
through mitigation, adaptation or any other tries. I hope it will be provided to fragile coun-
measures. tries first … and those who need it most, first,”
But China and the US remain in disagree- he said.
ment over the issue, threatening to derail the China emits more than 10bn tonnes per
accord altogether. While Washington has year of CO2, and has a mere 3mn tpy of carbon
expressed more willingness to pay for develop- capture, utilisation and storage (CCUS) capac-
ing countries than before, Beijing is yet to make ity, its environment ministry estimates. The
any commitments to paying into this loss and International Energy Agency (IEA) estimates
damage fund, given that its economy is now its emissions at 11.9bn tonnes in 2021. China’s
struggling as a result of its strict COVID-19 government estimates that the country will
policy. need 20-408mn tonnes of CCUS capacity up
US Climate Envoy John Kerry has slammed and running by 2030, 600mn-1.45bn tonnes by
China for failing to curb its CO2 emissions fast 2050 and 1.00-1.82bn tonnes by 2060. The global
enough. Even though the country is deploying cost of CCUS ranges between $15 and $120 per
renewables and electric cars at a rapid pace, tonne, depending on the source of the emissions,
it expects coal to remain a staple of its power according to the IEA.™

P6 www. NEWSBASE .com Week 47 22•November•2022