#13137. Long-term costs and benefits analysis of China’s low-carbon policies

2022publication date
Proposal available till 15-12-2021
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Abstract:
China’s long-term, low-emission development goals will hinge on effective low-carbon policies. Therefore, it is valuable to evaluate the costs and benefits of low-carbon policy packages to ensure that low-carbon development concepts and strategies can be well integrated into the policy making process. This work uses the Low-carbon Policy Assessment (LPA) model to assess long-term costs and benefits of climate and energy policies in China under the reference (RS) scenario and the low-carbon (LC) scenario, which includes 25 additional climate and energy policies. In the LC scenario, both energy-related CO2 emissions and total greenhouse gas (GHG) emissions peak around 2030, achieving China’s Nationally Determined Contribution (NDC) target. Of the policies included in the LC scenario, the five with the highest GHG mitigation potential beyond China’s existing policies are: fluorinated gas (F-gas) substitution, a renewable portfolio standard, carbon pricing, carbon capture utilization and storage (CCUS), and a fuel economy standard for heavy duty vehicles (HDVs). In addition to reducing GHG emissions, these policies decrease particulate emissions and associated premature deaths, which would otherwise reduce China’s GDP by nearly 1.5% in 2050. Together, these policies have the potential to promote significant low-carbon prosperity in China.
Keywords:
China; cost-benefit analysis; GHG emissions; low-carbon policies

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