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Abstract: This paper identifies the main features of CO2 emission from fossil energy combustion in China. Then it estimates China''s future energy requirements and projects its CO2 emission from 2010 to 2020 based on the scenario analysis approach. China''s rate of carbon productivity growth is estimated to be 5.4% in the period 2005–2020, while the CO2 intensity of GDP will reduce by about 50% but CO2 emission in 2020 will still be about 40% higher than prevailing in 2005 because of rapid growth of GDP. This estimation is based on the assumption that China will implement a sustainable development strategy in consideration of climate change issues. The main objectives of the strategy are to implement an “energy conservation first” strategy, to develop renewable energy and advanced nuclear technology actively, to readjust the country''s economic structure, and to formulate and legislate laws and regulations, and to build institutions for energy conservation and development of renewable energy. It concludes that international measures to mitigate CO2 emission will limit world fossil fuel consumption. China is not placed to replicate the modernization model adopted by developed countries and has to coordinate economic development and carbon dioxide emission control while still in the process of industrialization and modernization. China has to evolve a low carbon industrialization model. This is the key to the success of sustainable development initiatives in China. [Copyright &y& Elsevier]

The diffusion of renewable energy sources (RES) is a fundamental objective of the worldwide policy actions for sustainable development, at the UN level with the sustainable development goals (SDG) recommendations, to ensure access to affordable, reliable, sustainable and modern energy for all (SDG 7). Also, primary attention to RES has been given at the EU level with the new Green Deal and the new objectives of the Next Generation EU after the Covid pandemic, and at the level of national Governments worldwide. So far, there has not been an analysis of the RES convergence process across countries worldwide, given that the issue of climate change is a global externality. Previous analyses have focused on specific regions, such as EU, OECD, provinces of China. This paper fills this gap, providing new evidence on the convergence process of RES for the 176 countries that account for more than 98% of the world population, from 1990 to 2018. A common panel data set has been used to take into account countries' specific effects. Several socio-economics and political variables are introduced to test conditional convergence such as openness to trade, developments in financial markets, income distribution, level of education. The results of this new contribution reveal that there is evidence of sigma-absolute and conditional beta-convergence process for several groups of countries. Moreover, the conditional convergence analysis shows that spatial spillover effects exert rich and complex impact on convergence speed. Finally, we provide policy recommendations, highlighting that the decarbonization target in 2050 needs additional mobilization of public and private resources to pursue a common, convergence path worldwide. • We analyze the renewable energy convergence process across countries worldwide. • We analyses the catching-up measuring the gap between benchmark and non-benchmark. • We use variables RES as percentage of electricity production and energy consumption. • We find that heterogeneity exists in the worldwide RES convergence process. • A possible line for future research could be to disaggregate renewable sources. [ABSTRACT FROM AUTHOR]

Green bonds have increasingly been utilized around the world as a source of financing for renewable energy development, designed with compliance requirements and measurable economic returns to investors, while mitigating climate change. However, the efficacy of green bond arranged in the emerging economies for financing renewable energy assets and how the underlying risks are managed have remained to be explored. The paper aims to examine the evolving green financial system sponsored by both public and private institutions in managing such risks within China's emerging economy. A case study of green financing for a bundle of wind power assets led by a state-owned enterprise (SOE) reveals an alternative approach by structuring public–private collaboration while stipulating market-based financial incentives to institutional stakeholders under a political economy. This institutional consortium is composed of a state development bank, a commercial bank, credit rating agencies, institutional and private investors, regional power purchasers, and carbon trading entities. Financial stakeholders' risk in such emerging sustainable investment is moderated by these participating institutions and structured "upsides" from carbon trading aligned with the framework of green finance and standards for green bond development. The results reveal the potentials of scaling up the development of renewable energy by adequately managing and sharing key risks, while allocating substantial funding into renewable energy projects under such a green financial system that is to be complementary with a scalable post COVID-19 economic recovery. [ABSTRACT FROM AUTHOR]