China can be rich and climate neutral by 2050: Energy group

China can become a fully developed economy that does not produce any carbon emissions by mid-century.

The nations high savings and investment rate allow for the spending required to meet the twin goals, according to a report by The Energy Transitions Commission (ETC), a global coalition of executives from across the energy landscape committed to the Paris climate agreement.

The move by the second-biggest economy toward zero emissions is critical for the world to counter climate change. While China has spent more money than any other country on clean energy, its still the biggest consumer of coal, the dirtiest fossil fuel, and is estimated to have as much coal power capacity in the pipeline as the current total in the 28-nation European Union (EU).