Abstract: Global carbon emissions continue to rise, nearly the staggering 40 billion tons per year. The global average temperature has already increased by about 1.5°C compared to pre-industrial levels, highlighting the growing severity of climate warming. The world must stand firm and work together to tackle the issue of carbon emissions.
After a thorough analysis of the economic costs of low-carbon transition, we find that even if environmental costs are all internalized, the global economy may still can handle. Furthermore, the orderly replacement of traditional coal-fired power with renewable energy sources offers the potential to fundamentally address the issue of rising global carbon emissions at a reasonable cost. This provides strong support and economic feasibility for a low-carbon transition. More optimistically, with technological progress, the cost of new energy is expected to decline, presenting a brighter future for the transition.
Based on this, it is recommended to expand investments in renewable energy, promote the orderly replacement of coal-fired power plants with solar, wind, and hydropower installations year by year and enable the power generation system to transition from fossil fuels to renewable energy. Additionally, to increase the absorptive capacity of new energy, it’s imperative to strengthen investment in energy storage facilities, necessary for the more efficient use of renewable energy.
