Transition from fossil fuels to renewables presents a growth path
Pan Jiahua, deputy chair of China’s National Expert Committee on Climate Change
As China’s economy is in dire need of growth drivers after the pandemic, a misinterpretation has arisen that the “dual carbon” targets should be put aside to make way for economic growth. This misinterpretation is based on the thinking that the fossil fuel industry can promote growth because it is highly capital-intensive, while “dual carbon” is an environmental protection task which is an investment without any return.
I have to say, this kind of thinking has failed to keep up with the times! The transition from conventional to new industries is itself an economic growth path. Compared to fossil fuels, the manufacturing of renewable energy equipment, energy storage, and end-use energy equipment has a longer industry chain, which can create more jobs and have more growth potential.
