China''s dual carbon goal and targeted policies have provided strong tailwinds, enabling the country''s energy storage businesses to thrive amid the rapidly evolving market
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AI Customer ServiceBEIJING, July 1 -- China's dual carbon goal and targeted policies have provided strong tailwinds, enabling the country's energy storage businesses to thrive amid the rapidly evolving market competition.
The key to the development of such energy is technological innovation, through which we can transform and upgrade traditional industries, accelerate the development of emerging industries, and truly achieve the dual carbon goals.
The "dual carbon" goals delineated by China require a substantial decrease in carbon dioxide emissions per unit of GDP by over 65% from 2005 levels by 2030, and an increase in the share of non-fossil fuel energy consumption to more than 80% by 2060.
Second, the large-scale application of CCUS technology can prevent a large number of high-carbon energy assets from being stranded. Due to historical development, China currently has a large amount of high-carbon energy assets which are at the risk of being stranded in the process of carbon neutrality.
In September 2020, at the 75th session of the United Nations General Assembly, China pledged to adopt "dual carbon" targets, which aim to achieve both "carbon peak" and "carbon neutrality" as part of its strategy to mitigate carbon emissions.
These assets are expected to be leveraged by the development and the large-scale application of CCUS technology. Furthermore, CCUS technology can promote the development of green technology globally. The instability of renewable energy power must be compensated by supporting energy storage systems.
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