China could save $1.6 trillion by replacing coal with clean energy, report finds

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• There’s a “huge economic incentive” for China to move away from coal, according to a report by financial analytics company TransitionZero.
  
• China last year said it aims to achieve carbon neutrality by 2060, but is currently heavily reliant on coal.
  
• “There’s a great deal of work that China will still need to do,” said Matthew Gray, co-CEO of TransitionZero.
  

China could stand to benefit economically if it can successfully replace coal with renewable energy, according to a report by financial analytics company TransitionZero.

The study looked at the costs, or savings, that the Chinese government would incur if it replaced its existing coal-fired power plants with zero-carbon alternatives.

“What we found is China could save $1.6 trillion by doing that,” said Matthew Gray, co-CEO of TransitionZero, a London-based firm.

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