Page 5 - AsianOil Week 46 2022

AsianOil COMMENTARY AsianOil

US President Joe
Biden and Chinese
President Xi Jinping
met this month for
talks, signalling a
rapprochment in ties.

commitments to paying into this loss and dam- developing country. Xie stressed this sentiment,
age fund, given that its economy is now strug- stating that China was still a developing econ-
gling as a result of its strict COVID-19 policy. omy and therefore had no obligation to provide
US Climate Envoy John Kerry has slammed financial assistance to poor nations. China has
China for failing to curb its CO2 emissions fast voluntarily helped countries in Latin America,
enough. Even though the country is deploying Africa and elsewhere, though, including by
renewables and electric cars at a rapid pace, providing early warning systems for extreme
it expects coal to remain a staple of its power weather, renewable energy technology and
generation mix for years to come. While most “capacity building” for governments.”
of the largest economies in the world have com- “[In a] loss and damage fund, if there is any
mitted to reducing emissions as soon as possible fund, the responsibility to provide funds lies
and reaching net-zero by 2050, China has only with developed countries,” Xie said. “That is
promised to achieve peak emissions before the their responsibility and obligation. Developing
end of this decade, and does not expect to reach countries can contribute on a voluntary basis.”
net-zero until 2060. “The recipients should be developing coun-
And to reach net-zero by 2060, the World tries. I hope it will be provided to fragile coun-
Bank estimates that China will need to spend tries first … and those who need it most, first,”
$14-17 trillion in extra investments in green he said.
infrastructure and technology, with $2.1 trillion China emits more than 10bn tonnes per
required between now and 2030 to ensure the year of CO2, and has a mere 3mn tpy of carbon
country fulfils its nationally determined contri- capture, utilisation and storage (CCUS) capac-
bution (NDC) targets. ity, its environment ministry estimates. The
“Given the immense price tag, public International Energy Agency (IEA) estimates
investments won’t be sufficient to meet these its emissions at 11.9bn tonnes in 2021. China’s
needs, so China needs policy and regulatory government estimates that the country will
reforms to spur the private sector and fully tap need 20-408mn tonnes of CCUS capacity up
the potential for investment and innovation,” and running by 2030, 600mn-1.45bn tonnes by
the report said. 2050 and 1.00-1.82bn tonnes by 2060. The global
Even though it was responsible for over cost of CCUS ranges between $15 and $120 per
a third of global CO2 emissions in 2021, the tonne, depending on the source of the emissions,
World Trade Organisation designates China as a according to the IEA. ™

Week 46 21•November•2022 www. NEWSBASE .com P5