1. The feasibility and policy engagements in achieving net zero emission in China's power sector by 2050: A LEAP-REP model analysis.
- Author
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Ren, Zhongrui, Zhang, Sufang, Liu, Huijuan, Huang, Ren, Wang, Huaqing, and Pu, Lei
- Subjects
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ENERGY industries , *CARBON pricing , *ENERGY development , *CLIMATE change mitigation , *WIND power , *RENEWABLE energy sources - Abstract
[Display omitted] • It analyzes the feasibility of achieving net zero emission in the Chinese power sector by 2050 and the required policy measures. • It is essential to foster the concurrent development of renewable energy, energy storage, and demand response technologies. • The carbon pricing mechanism with exponential growth is more suitable. • Referring to the European offshore wind power investment model is beneficial for the development of offshore wind power in China. The low-carbon transition in China's power sector plays a crucial role in the mitigation of climate change worldwide, and increasing renewable energy penetration rate is widely recognized as the key approach to decarbonize this sector. This paper proposes a renewable energy penetration model to examine the feasibility for net zero emission by 2050 in China's power sector taking into account of economic and social development. It also evaluates the impacts of carbon pricing and financial incentives on renewable energy penetration and carbon emissions. The results indicate that along with economic development, China's electricity demand will continue to grow, but at a gradually slowing rate. It is possible for the power sector to achieve net zero emission by 2050 while meeting this growing electricity demand, with a renewable energy penetration rate of 75%. To ensure the achievement of the goal, we recommend setting the carbon price with the current market price as the baseline and increasing it annually by a relative increment index of 10%. Furthermore, given the high initial cost and late start of offshore wind power, we suggest incorporating associated grid connection cost into the transmission and distribution price to ensure the comprehensive and healthy development of renewable energy. [ABSTRACT FROM AUTHOR]
- Published
- 2024
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