China’s wealthiest regions invest more in fossil fuel despite carbon neutrality goal
- Guangdong, Zhejiang and Shanghai have continued to increase the amount of money spent on fossil fuel projects, according to Greenpeace
- While China’s economic hubs are heeding Beijing’s order to turn away from coal, experts found that these regions are shifting to fossil gas instead
While several Chinese cities and provinces with the nation’s highest GDP – including Guangdong, Zhejiang and Shanghai – have poured investment into developing low-carbon technology and renewable energy, they have also continued to increase the amount of money spent on fossil fuel projects, especially in gas, according to the research.
The eastern province of Zhejiang, China’s fourth-largest regional economy, and the neighbouring coastal metropolis of Shanghai, the tenth-largest regional economy, have also increased their investment in fossil fuel projects this year at the annual rates of 5 per cent and 19.9 per cent to 92.3 billion yuan and 31.5 billion yuan, respectively.
“The increasing investment in fossil gas, despite China’s overall decrease in coal investment and the country’s net zero strategies, indicates that top provinces should lead the way in the national energy transition,” said Qiu Chengcheng, Greenpeace East Asia’s Beijing-based climate and energy campaigner.