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The Bao Steel mill in the morning, in Baotou, Inner Mongolia, China. Photo: Ryan Pyle/Corbis via Getty Images

A new(ish) International Energy Agency analysis outlines the importance — and immense challenge — of China's pledge to become "carbon neutral" by 2060.

Why it matters: Its recommendations get to the scope of the tech deployment needed, and what a seismic shift it would represent for China's economy.

  • "Achieving this goal of net-zero emissions would represent a milestone in modern Chinese history comparable to 1949," write IEA chief economist Laszlo Varro and An Fengquan, a senior adviser.
  • "To do so, would require China to quickly embark on an ambitious multi-decade effort to transform its economy, as it did after 1978."

The big picture: The IEA says there are steep cuts needed to meet the pledge.

  • Contributions of three broad technology categories — renewables, efficiency, and a bucket combining nuclear power, carbon capture and more — are needed to show the reductions.

Threat level: The piece not only describes the need to accelerate transformation of China's coal-heavy power sector, but also its huge heavy manufacturing industries, where the need for very high-temperature processes make it hard to replace fossil fuels.

Go deeper

Jan 26, 2021 - World

Former Google CEO and others call for U.S.-China tech "bifurcation"

Illustration: Aïda Amer/Axios

A new set of proposals by a group of influential D.C. insiders and tech industry practitioners calling for a degree of "bifurcation" in the U.S. and Chinese tech sectors is circulating in the Biden administration. Axios has obtained a copy.

Why it matters: The idea of "decoupling" certain sectors of the U.S. and Chinese economies felt radical three years ago, when Trump's trade war brought the term into common parlance. But now the strategy has growing bipartisan and even industry support.

Dion Rabouin, author of Markets
49 mins ago - Economy & Business

The European Central Bank and the market's moment of truth

ECB president Christine Lagarde; Photo: Chip Somodevilla/Getty Images

The biggest event for markets this week will be Thursday's meeting of the European Central Bank's governing council and the press conference following it from ECB president Christine Lagarde.

Why it matters: With interest rates jumping around the globe, investors are looking to central bank heads to see if they will follow the lead of Fed chair Jerome Powell, who says rising rates are nothing to worry about, or Bank of Japan governor Haruhiko Kuroda, who has drawn a line in the sand on rates.

Mike Allen, author of AM
2 hours ago - Politics & Policy

Manchin's next power play

Photo: "Axios on HBO"

Sen. Joe Manchin (D-W.Va.), America's ultimate swing voter, told me on "Axios on HBO" that he'll insist Republicans have more of a voice on President Biden's next big package than they did on the COVID stimulus.

The big picture: Manchin said he'll push for tax hikes to pay for Biden's upcoming infrastructure and climate proposal, and will use his Energy Committee chairmanship to force the GOP to confront climate reality.