In 2024, global efforts to achieve carbon neutrality and address climate change have accelerated, leading to numerous significant events with far-reaching impacts. Research Institute of Carbon Neutrality, Shanghai Jiao Tong University has compiled and shared the “Top 8 Most Influential Events in Global Carbon Neutrality and Climate Change Response” in 2024, in order to document humanity’s ongoing ambition and efforts.
(Events listed in chronological order)
1 China’s “Interim Regulations on the Management of Carbon Emissions Trading” were published, becoming the country’s first special law in the field of climate change
China’s “Interim Regulations on the Management of Carbon Emissions Trading” (hereinafter referred to as the “Regulations”) were passed at the 23rd executive meeting of the State Council on January 5, 2024, and came into effect on May 1, 2024. For the first time, the “Regulations” clarifies the carbon emissions trading system in the form of administrative regulation. Adhering to principles such as combining government guidance with market regulation, the “Regulations” defines the regulatory responsibilities of various departments and the trading system, specifies the obligations of key emission units, strengthens legal responsibilities, and increases penalties for acts such as falsifying carbon emission data.
The “Regulations” represents the first specialized law in China’s response to climate change, and it is a milestone in the development of China’s carbon market, which has the largest coverage of greenhouse gas emissions in the world.
2 G7 reached agreement to phase out coal by 2035, UK shut down its last coal power plant
On April 29, 2024, the G7 Ministerial Meeting reached a consensus commitment to phase out existing unabated coal power generation in energy systems during the first half of the 2030s or follow a timeline consistent with keeping a limit 1.5 °C temperature rise within reach. This marked the first time in a G7 joint statement that a specific deadline for phasing out coal plants was mentioned. On September 30, 2024, the UK closed its last coal-fired power plant in Nottinghamshire, marking the end of 142 years of coal power generation and making the UK the first G7 nation to fulfill its coal phase-out commitment.
As a representative of major Western industrialized countries, the G7’s coal phase-out agreement and the UK’s transformation from an Industrial Revolution pioneer to a “coal-free (power) country” reflect a positive stance on climate action, which will have a profound impact on global energy transition.
3 China’s rapid development of installed wind and solar power capacity, more than six years ahead of schedule to achieve 2030 renewable energy installation target
By the end of June, 2024, China’s installed capacity of wind and solar power reached 1.18 billion kilowatts, surpassing coal power capacity for the first time in history. By the end of July, 2024, the total installed capacity of wind and solar power had reached 1.206 billion kilowatts, achieving the 2030 target for wind and solar power installation six years ahead of schedule. China’s rapid development of wind and solar power contributes significantly to both national and global green energy transitions, energy security, and climate change mitigation.
While the rapid growth of renewable energy generation provides an inexhaustible green electricity, challenges such as renewable energy consumption, utilization efficiency, and electricity transmission remain. Accelerating the construction of a new electricity system, enhancing renewable energy consumption through policy guidance and market mechanisms, and promoting sustainable development of renewable energy are key priorities.
4 China improves the mechanisms of green and low-carbon development, sounding the horn for green transition in all areas of economic and social development
On July 18, 2024, the Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC) adopted the “Resolution of the Central Committee the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization” (hereinafter referred to as the “Resolution”). In terms of enhancing green and low-carbon development mechanisms, the “Resolution” outlined the establishment of a new mechanism—the transition from controlling the total amount and intensity of energy consumption to controlling the total amount and intensity of carbon emissions. It also outlined to establish a carbon emissions statistics and accounting system, a carbon labeling and certification system, as well as a carbon footprint management system, and to improve the cap-and-trade system for carbon emissions and the trading system for voluntary greenhouse gas emissions reduction. On July 31, 2024, the Central Committee of the CPC and the State Council issued the “Opinion on Accelerating the Comprehensive Green Transformation of Economic and Social Development” (hereinafter referred to as the “Opinion”), signaling the beginning of China’s comprehensive green transformation.
The “Resolution” and “Opinion” will have an extremely far-reaching impact on China’s dual carbon targets, the green transformation of economic and social development, and high-quality development.
5 China’s “Energy Law” was officially promulgated, establishing a green and low-carbon energy transition system
On November 8, 2024, the 12th session of the Standing Committee of the 14th National People’s Congress passed the “Energy Law of the People’s Republic of China” (referred to as the “Energy Law”), which will take effect on January 1, 2025. The “Energy Law” announces the country’s energy development strategy, establishes the national energy management system, and creates a basic legal system for the energy sector. It clarifies the rights and obligations of all entities involved in energy activities and fully establishes the system for green and low-carbon energy transition, providing a long-term guarantee mechanism for implementing the “Four Revolutions, One Cooperation” energy security strategy and promoting high-quality energy development.
The promulgation of the “Energy Law” is a significant milestone in China’s energy legal system construction, providing a framework for energy laws and supporting the achievement of energy security, acceleration of green energy transition, and the development of a new energy system.
6 COP29 reached the “Baku Climate Unity Pact” seeking consensus on climate change amid controversies
From November 11 to 24, 2024, the 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) was held in Baku, Azerbaijan. After intense negotiations, a balanced outcome was reached, particularly the establishment of the New Collective Quantified Goal (NCQG) on climate finance, including a goal of at least $300 billion annually by developed countries by 2035 and at least $1.3 trillion for climate financing, to support climate actions in developing countries. Parties also reached a consensus on the carbon credit creation standards under Article 6.4 of the Paris Agreement, ensuring the integrity of the international carbon market under UN supervision. The approval of this Article laid the foundation for global carbon trading and was seen as a historic moment for the global carbon market.
Despite the many challenges in addressing climate change, the annual climate conference serves as a solid foundation, acting as a crucial platform and an engine of hope for humanity to jointly tackle climate change.
7 Global investment in renewable energy hit historic high, driving green energy transition
In 2024, global investment in renewable energy reached an all-time high. According to the International Energy Agency’s “World Energy Investment 2024”, global energy investment will exceed $3 trillion for the first time, with $2 trillion directed to clean energy industries, including renewable energy, electric vehicles, nuclear energy, electricity grids, storage, low-emission fuels, energy efficiency improvements, and heat pump technologies. China, the European Union, and the US lead two-thirds of global clean energy investments, while Emerging Market and Developing Economies (EMDE) outside China such as India and Brazil are expected to invest over $300 billion in clean energy for the first time, accounting for around 15% of the global total. Additionally, global investment in solar photovoltaic technology is projected to exceed $500 billion, surpassing all other generation sources combined.
The surge in green investment reflects a strong global consensus on addressing climate change. In 2024, global investment in clean energy nearly doubled that in fossil fuels, marking an important milestone in humanity’s joint efforts to tackle the climate crisis.
8 Frequent extreme weather events worldwide, urging immediate action to build a green defense line
In 2024, natural disasters such as hurricanes, heavy rains, floods, droughts, and wildfires ravaged the world. The Sahara Desert experienced rare heavy rainfall, triggering unprecedented floods, creating a “desert turning into a lake” spectacle. Hurricanes Helene & Milton made landfall in US, forcing millions of residents to evacuate. These extreme weather events caused massive losses to human life, property, and the environment, while posing serious challenges to global food, water, and energy security. Almost all these extreme weather events can be linked to global warming. According to analysis from Copernicus, the European Union’s Climate Change Service, based on global temperature data from the first 11 months of 2024, it is “virtually certain” that 2024 was the warmest year on record since 1850, with global temperatures exceeding the 1.5 °C threshold for the first time.
Countries worldwide are facing unprecedented climate system changes. Every increase in temperature leads to more frequent and severe extreme weather events, such as heatwaves, heavy rainfall, droughts, and tropical cyclones, severely threatening human society. Global cooperation to address the climate crisis and ambitious climate action are urgently needed.
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