China plans to increase its oil and gas production in 2020
In 2020, China intends to raise its crude oil production by 1% and its gas production by 4.3%. It will focus on four key hydrocarbon production areas to reach this target, namely the Bohai Bay in northern China (offshore production), the Sichuan province, the Erdos Basin and the Xinjiang region (western China). China also aims to promote new energies, including renewables, fuel ethanol and coal-to-liquids (CTL) to replace conventional hydrocarbons, according to the National Energy Administration. In addition, the country plans to have 900 GW of installed non-fossil fuel power generation capacity in 2020 and to limit the share of coal in its primary energy mix to 57.5%.
China plans to increase the share of renewables (including hydro) in the power mix to 28.2% in 2020. The share of renewables (excluding hydro) is expected to reach 10.8%. Ten provinces and regions must produce at least 30% of power from renewable sources, while 9 provinces and regions target more than 15% of power generation from non-hydro sources. Regional power grid operators have been requested to allocate power capacity according to the targets. The Chinese government committed to honouring its pledges under the Paris agreement despite the coronavirus epidemic. China’s NDC set the objective of achieving a peak CO2 reduction around 2030, or earlier if possible; lowering CO2 per unit of GDP by 60% to 65% from 2005 levels; increasing the share of non-fossil fuels in primary energy consumption to around 20%; and increasing the forest stock volume by around 4.5 bcm above the 2005 level.
The Marginal Abatement Cost Curves (MACC) module is a very powerful tool used by policy makers, researchers, and business analysts to assess climate policies, evaluate their costs and efficiency, and simulate the effects of carbon markets, such as the EU ETS. We provide MACCs by country, region and sector for 69 countries in the world.