Australia/China – IRENA and the MEE of the People’s Republic of China have extended existing cooperation on energy transition.
It will make the collaborative work center-stage China’s pledge to peak emissions by 2030 and achieve carbon neutrality by 2060.
Promoting climate initiatives
Under the agreement, both parties promised to investigate ways and offer proposals to promote China’s climate initiatives. IRENA and the Chinese Ministry will share knowledge on trends in renewable energy development, worldwide experiences, policies, and case studies around combating climate change. Also, IRENA and China committed to further deepen cooperation in promoting climate finance, investment, and innovation, as well as policy and technologies in the field of renewable energy and climate change.
Renewable energy – a pillar of energy system
China is one of the leaders in renewable power deployment. In 2020, China will have deployed approximately 85 GW. China has over a third of the world’s total installed renewable capacity. China has an economic advantage because of the low electricity costs, stable supply chains, and high-quality renewable resources. IRENA believes that renewable energy can cover 90% of China’s electricity demand by 2050, with more than 60% coming from solar and wind.