Report Shows Switching to Clean-Energy from Coal-Energy Can Save China $1.6 Trillion
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A report has recently emerged that has made the headlines and is especially focusing on the economic condition of China. The report provides deep analysis and study of the current coal energy crisis in China and how it can be tackled.
The company that has carried out its research to ready the particular report is called TransitionZero, which is one of the most prominent financial analytics companies.
The report composed by the company states that China and its entire economy could gain enormous benefit if it brings one change. The report states that if China were to switch coal energy to clean energy, it could save up so much that it could dedicate those funds to other sectors.
The analytics company has also provided a deep analysis of the current expenditures of the coal-energy manufacturing plants. Furthermore, the company has also done its research and made speculations if China were to replace their coal power plants and install new zero-carbon producing plants.
For TransitionZero, the report was such a big deal that it had its CEO provide the stats and data around it in order to provide more clarity. The co-chief executive at TransitionZero, Matthew Gray, shared his remarks and the data from the report.
He stated that the teams at TransitionZero have spent several hours compiling data around China’s current coal projects and run an analysis on all the data.
All of this was done by the analytical team at TransitionZero to ready a report that would prove extremely beneficial and advantageous for the country with the second-largest economy in the world.
While sharing the data around China’s coal energy production, Gray stated that if China proceeds with shifting from coal to zero-carbon power plants, it could save up to $1.6 trillion per year.
Therefore, if China goes with this proposal, then the country would be saving so much. The country can use the saved funds and use them for the development of other sectors and industries in the country.
The above report was presented by Matthew Gray at one of the top news reporting channels on Thursday, April 22, 2021.
This is not something that TransitionZero has highlighted for the first time to China. The government of China itself is well aware of the fact how much it is spending on the acquisition of coal to use for energy generation.
This is the reason why China has announced that it aims to bring its greenhouse projects to full potential by 2030. On top of that, the country itself aims to go carbon-free by the year 2060, so there are high chances it would consider the report presented by TransitionZero.
As of now, China’s 57% electricity generation comes from coal power plants, and China imports billion dollars’ worth of Coal from mainly from Indonesia and Australia.
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