World needs China and $78 trillion or net zero goal in peril, warns WoodMac

Dual goals of reducing dependence on China and decarbonising as quickly as possible ‘are at odds,’ says WoodMac

Tariffs and trade barriers on Chinese imports will either slow the energy transition or make it more expensive, warns Wood Mackenzie, which estimates $78tn in spending is now needed by 2050 to hit net zero and curb global warming to 1.5°C.

The world is currently heading towards a “base case” of 2.5°C warming, said energy consultancy WoodMac in its latest Energy Transition Outlook. That would bring disastrous consequences, including worsening extreme weather events such as heatwaves, wildfires and hurricanes along with sea level rise.