A comparison of low carbon investment needs between China and Europe in stringent climate policy scenarios

16002 9 88026 2 251277 document 88026 Zhou_2019_Environ._Res._Lett._14_054017.pdf application/pdf 826c8083f10131e11bff3a1029963e5d MD5 905043 2019-07-23 05:48:15 https://pure.iiasa.ac.at/id/eprint/16002/1/Zhou_2019_Environ._Res._Lett._14_054017.pdf 16002 1 1 application/pdf text en public cc_by_4

Zhou_2019_Environ._Res._Lett._14_054017.pdf

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/88026 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/88026 http://eprints.org/relation/issmallThumbnailVersionOf https://pure.iiasa.ac.at/id/document/88026 archive 353 disk0/00/01/60/02 2019-07-23 05:50:32 2021-08-27 17:31:58 2019-07-23 05:50:32 article show Zhou W. 8433 McCollum D. 8484 Fricko O. 2004 0000-0002-6835-9883 Gidden M. 2108 0000-0003-0687-414X Huppmann D. 2107 0000-0002-7729-7389 Krey V. 8099 0000-0003-0307-3515 Riahi K. 1696 0000-0001-7193-3498 A comparison of low carbon investment needs between China and Europe in stringent climate policy scenarios pub prog_ene energy investment; integrated assessment; low carbon investment; paris agreement The radical change in recent global climate governance calls for China and Europe to ramp up their efforts in leading the world to reach the long-term climate goals. By analyzing the results from the state-of-the-art global integrated assessment model, MESSAGEix-GLOBIOM, this paper aims to understand the future levels of financial investment needed for building and maintaining energy-related infrastructure in the two regions for fulfilling stringent targets consistent with 'well below 2 °C'. The results indicate that a rapid upscaling and structural change of these investments towards decarbonization are necessitated by the climate stringent scenarios. China and Europe need to increase their low carbon investments by 65% and 38% in a scenario reaching the 2° target relative to their respective reference scenarios which assume no such target from 2016–2050. In a more stringent climate policy scenario of the 1.5° target, these investment needs will increase by 149% and 79% for China and Europe respectively. Among all the energy sectors, energy efficiency, renewable electricity generation and electricity transmission and distribution are the three largest investing targets for the two regions. However, those investments will not likely be realized without strong policy incentives. Implications for green finance and multilateral cooperation initiatives are discussed in the context of the scenario results. 2019-05 published Institute of Physics Publishing (IOP) 10.1088/1748-9326/ab0dd8 2890 203 97 103 130 166 250 public Environmental Research Letters 14 5 054017 TRUE 1748-9326 Linking Climate and Development Policies - Leveraging International Networks and Knowledge Sharing (CD-LINKS, H2020 642147) FALSE yes info:eu-repo/grantAgreement/EC/H2020/642147/EU//CD-LINKS info:eu-repo/semantics/article info:eu-repo/semantics/openAccess