China's Green Plan Puts Brake On Growth

摘要

Is one of the oil business'last bastions of growth about to crumble? China's pledge to achieve peak carbon emissions by 2030 and carbon neutrality by 2060 certainly points that way,carrying the potential to end China's long-standing place as the world's top energy demand growth hub(PIW Sep.25'20).The immediate impact from President Xi Jinping's"green revolution"may be limited,but policies are likely to result in a material change to China's growth trajectory within a few years.Oil exporters that have come to rely on China as their biggest and most stable customer may see imports peak soon-intensifying competition in this already heated market.Demand for LNG could take an even bigger hit,throwing a curve ball to exporters and companies betting on LNG in the energy transition(PIW Sep.25'20).China is already the world's largest market for battery electric vehicles(EVs)and has the largest fleet of fuel cell-powered commercial vehicles and buses.