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Illustration: Annelise Capossela/Axios

China's recently announced plan to reach carbon neutrality by 2060 would require investments of over $5 trillion, per new analysis from the consultancy Wood Mackenzie.

Why it matters: The estimate released Thursday shows how analysts are beginning to grapple with how China, by far the world's largest carbon emitter, might take steps to implement aspects of its ambitious but still-vague pledge.

  • "The hefty bill is the total sum required for additional power generation capacity to accommodate the growth in electrification by 2050," the consultancy said.

What they're saying: “It is definitely a colossal task for a country using 90% hydrocarbons in its energy mix and annually producing more than 10 billion tonnes of [carbon dioxide-equivalent], and in addition, accounting for 28% of global total emissions," said Prakash Sharma, a senior Woodmac analyst, in a statement.

The big picture: The scale of transformation needed is simply immense.

  • For instance, Woodmac estimates that China's wind, solar and storage capacity would have to increase elevenfold to 5,040 gigawatts (GW) by 2050 compared to 2020 levels.
  • "Total new stock of electric vehicles would hit 325 million units by 2050, compared to 4 million units today."

Go deeper: China's 2060 carbon neutral goal bill could hit over $5 trillion (Reuters)

Go deeper

Jan 15, 2021 - World

Chinese annual rare earth exports fall to 5-year low

A front loader shifting soil containing rare earth minerals in a port in Lianyungang, China, in September 2010. Photo: STR/AFP via Getty Images

China exported around 35,400 tons of rare earth minerals and metals in 2020 — a roughly 23% drop from 2019's total, according to data from China's customs authority and records maintained by Reuters.

Why it matters: It's the lowest recoded amount since 2015 for the world's leading miner, processor and exporter of the materials, which are crucial in the manufacturing of commercial electronics, renewable energy development and military equipment.

Updated 17 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Education: Schools face an uphill battle to reopen during the pandemic.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong puts tens of thousands on lockdown as cases surge — Pfizer to supply 40 million vaccine doses to lower-income countries — Brazil begins distributing AstraZeneca vaccine.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

DOJ: Capitol rioter threatened to "assassinate" Alexandria Ocasio-Cortez

Supporters of former President Trump storm the U.S. Captiol on Jan. 6. Photo: Kent Nishimura / Los Angeles Times via Getty Images

A Texas man who has been charged with storming the U.S. Capitol in the deadly Jan. 6 siege posted death threats against Rep. Alexandria Ocasio-Cortez (D-N.Y.), the Department of Justice said.

The big picture: Garret Miller faces five charges in connection to the riot by supporters of former President Trump, including violent entry and disorderly conduct on Capitol grounds and making threats. According to court documents, Miller posted violent threats online the day of the siege, including tweeting “Assassinate AOC.”