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    Shell says electricity will cover 60% of China's energy consumption by 2060

    January 17, 2022 - CE Noticias Financieras


      SINGAPORE, Jan 17 (Reuters) - China could triple electricity generation to supply 60% of the country's total power under Beijing's 2060 carbon neutrality target, up from 23% now, Royal Dutch Shell said on Monday.

      Shell is one of the world's largest investors in China's energy sector, with businesses spanning gas production, petrochemicals and a fuel retail network. It is a major supplier of liquefied natural gas and has recently expanded into low-carbon businesses such as hydrogen power and electric vehicle charging.

      In a rare assessment of the country's energy sector by an international oil company, Shell said China needed to take swift action this decade to stay on track to reach the carbon neutrality target.

      China has outlined plans to reach peak emissions by 2030, but has yet to unveil any detailed carbon roadmap for 2060.

      This includes investing in a reliable, renewable energy system and demonstrating technologies that transform heavy industry through the use of hydrogen, biofuels and carbon capture and utilization.

      "With early and systematic action, China can deliver better environmental and social outcomes for its citizens, while becoming a positive force in the global fight against climate change," Mallika Ishwaran, chief economist at Shell International, told a webinar hosted by the company's China business.

      Shell expects electricity generation in China to triple to more than 60 exajoules (EJ) by 2060, up from 20 EJ in 2020.

      Solar and wind are expected to overtake coal as the main sources of electricity in 2034 in China, up from 10% today, and increase to 80% by 2060, Shell said.

      The company expects hydrogen to increase to 17 EJ, or the equivalent of 580 million tons of coal by 2060, up from the current almost negligible level, adding that more than 85% of hydrogen will be produced by electrolysis fueled by renewable and nuclear electricity.

      Hydrogen will cover 16% of total energy use by 2060, with heavy industry and long-distance transport being the main users of hydrogen, the company added.

      The company also expects the price of carbon in China to rise to 1,300 yuan ($204.82) per tonne in 2060, up from 300 yuan in 2030.

      (1 dollar = 6,347 Chinese yuan) (Report by Aizhu Chen and Shivani Singh; Edited in Spanish by Benjamín Mejías Valencia)


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