A complete phase-out of fossil fuels is unrealistic because key technologies such as renewable energy development and energy storage are still immature, and the world will continue to rely on fossil fuels to ensure economic growth, said Xie Zhenhua, China’s special envoy for climate change, at a forum.
China is open to setting renewable energy targets as long as they take into account the different economic conditions of countries, he said.
Xie welcomed the US’s offer of $100 billion in climate finance support for developing countries, but described it as “a drop in the ocean”.
He warned that energy protectionism could increase the price of solar panels by 20% – 25%, further hindering the energy transition, and called on countries not to “politicise” new energy cooperation.
China hopes that the EU would not resort to unilateral measures such as the carbon border adjustment mechanism, which imposes carbon tariffs on imports from China and other countries, he added.