US-China agreement on Emissions & Clean Energy

In the November 2014 emissions agreement between the US and China:

  • The US agreed to cut greenhouse gas emissions to26 – 28% below 2005 levels by 2025, a doubling of its previous commitment.
  • China agreed to cap its emissions by 2030 or earlier. China has never capped its emissions before.
  • China agreed to increase its renewable energy to 20% of the total.  This will require China to add 800-1,000 gigawatts of nuclear, wind, solar and other zero-emission generation capacity by 2030.  This is more than all the coal-fired power plants that exist in China today.  It is close to total current electricity generation capacity in the United States.  This enormous investment in renewable capacity will drive further cost reductions in renewable energy.
  • The agreement could lead to A$ 4.5 trillion loss in revenue for oil and gas over the next 15 years.
  • For Australia to match the US goals, Australia would have to set a 30% emissions reduction by 2025 compared to the current 5% of 2000 levels as by 2020.

Climate Council Report: 2014: What’s the Big Deal?

The Guardian: 13 Nov 2014

The Guardian: 18 Nov 2014

Key Words: International G20
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