Climate Smart

China’s recent pledge to achieve ‘net-zero’ emissions by 2060 garnered much international attention. Europe and Japan are already committing to net zero targets that phase out most coal usage by 2030, and a re-entry of the United States into the Paris Agreement will mean greater pressure on China to exit from coal. China’s top academic experts are suggesting the country’s coal use needs to fall to 5 percent or less by 2050, unless coupled with carbon capture and storage. While China’s pledge covers emissions within its own territory, it continues to accumulate a major footprint overseas with its financing of coal-fired power plants. China’s external financing of coal is likely to face greater scrutiny as well with a growing number of countries and international institutions pledging to stop the funding of coal projects.