DNV – China Energy, 2024

DNV's China Energy Transition Outlook report highlights China's progress towards becoming a green energy leader while still heavily relying on fossil fuels. By 2050, fossil fuels are projected to make up 40% of China's energy mix. Despite efforts for energy independence, oil and gas will still need to be imported. China's power sector is rapidly decarbonizing, with a significant increase in renewable energy installations. Wind and solar power are expected to contribute 38% each to electricity production by 2050. DNV's Group President and CEO, Remi Eriksen, commends China's transition but encourages further efforts to reduce reliance on fossil fuels for a faster move towards net-zero emissions by 2050. China's energy consumption is set to peak by 2030 and decrease by 20% by 2050 due to electrification and energy efficiency improvements. The country's emissions are expected to decrease by 70% by 2050, bringing China closer to its target of carbon neutrality by 2060.