Race to Carbon Neutrality. Prospects of Phasing Out Coal

Abstract

Abstract Carbon neutrality is necessary to address the global problem of climate change. The International Energy Agency has recognized coal as the largest source of anthropogenic carbon dioxide emissions. This article analyzes carbon dioxide emissions from coal and carbon dioxide emissions from energy for the major emitters of CO2 emissions. As more than half of the world's Carbon dioxide emissions from coal come from China, the authors have analyzed the extreme situation that could arise in the carbon reduction market if China were to postpone its commitments to reduce coal consumption. The article calculates the time frame required for other coal-consuming countries to phase out coal to compensate for China's annual coal consumption. It demonstrates that without China transitioning from coal consumption to zero-carbon energy sources, other countries will not be able to achieve carbon neutrality by 2050. This proves that for the first time in history, the achievement of the goal set by the global community depends on the actions of a single country. The article outlines the goals set by China in its Nationally Determined Contribution and other government documents to reduce greenhouse gas emissions and achieve carbon neutrality. It also presents China's efforts to implement renewable energy sources, nuclear reactors, and energy storage.