Low-carbon transformation planning of China's power energy system under the goal of carbon neutrality

Review of challenges and key enablers in energy systems towards net zero target: Renewables, storage, buildings, & grid technologies

Carbon emissions are increasing due to continued urban developments and the growth of the human population, leading to environmental issues such as global warming. Moving towards the future, projected population growth will cause an increase in energy demand. Without the transition to cleaner energy generation, a high dependency on electricity generation by fossil fuels will emit more harmful gases, worsening the impacts of global warming. Therefore, the energy industry is moving towards cleaner alternatives through renewable energy (RE) technologies. However, in the future power grid, more technological development and implementation of cutting-edge research methods will be required to upsurge the percentage of clean electricity generation to attain net zero. Renewables, energy storage systems (ESS), grid technologies, and building energy management systems (BEMS) are key technologies emerging to aid green electrification in the electricity, industry, commercial and transportation sectors. This review discusses the technical challenges and solutions that contribute towards achieving net-zero energy systems. A systematic review was conducted on research methods related to the optimal planning of renewable energy systems, ESS, power system devices, and BEMS which are research areas that are moving towards being optimally integrated in the future energy system. Based on the review, we propose new gaps to be addressed in the development of energy system modelling tools. These tools should seamlessly integrate methods for energy storage related to voltage support, microgrid dispatch strategies, optimal reactive power flow in electrical networks, and energy management in buildings. This integration will enhance the capability of these tools to incorporate detailed analyses into broader energy balance simulations for large geographical regions. This review paper aims to guide researchers in identifying and addressing specific gaps in future research directions within these research areas, thereby advancing the knowledge base and informing subsequent studies.

The impact of financial technology on China's low-carbon transformation of energy and mechanism analysis

Financial technology provides strong support for the low-carbon transformation of energy through digital technology. There is limited research on the relationship between financial technology and low-carbon transformation of energy, and the information transmission and connection between the two entities are still unclear. Therefore, this paper innovatively conducts in-depth research on the spatial effect between financial technology and low-carbon transformation of energy and further analyzes the intermediary role of green finance in it. Firstly, the spatial Durbin model and spatial intermediary effect model between financial technology and low-carbon transformation of energy are constructed. Then, based on the Moran coefficient, the spatial effects of low-carbon transformation in financial technology and energy were analyzed. Finally, an empirical study was conducted using the panel data of China's provinces from 2011 to 2020. The results show that financial technology can effectively promote the energy transformation, and financial technology and the degree of low-carbon transformation of energy have significant spatial effects. From the perspective of intermediary effect, financial technology can effectively improve the green finance structure and promote low-carbon transformation of energy. From the perspective of spatial intermediary effect, while promoting the development of green finance in the local area, financial technology will also suppress the development of green finance in surrounding areas, thereby inhibiting the low-carbon transformation of energy in the surrounding areas. Therefore, China should strengthen the development of financial science and technology, guide the transformation of traditional finance, improve the coverage of green finance, and realize the low-carbon transformation of national energy.

Low-carbon transformation of power structure under the "double carbon" goal: power planning and policy implications

The proposal of "double carbon" goal increases the pressure of power structure transformation. This paper sets up two scenarios according to the timing progress of realizing the "double carbon" goal and explores the transformation planning schemes of China's power structure. The conclusions are as follows: (1) Technological progress and policy support will greatly reduce the levelized cost of electricity (LCOE) of onshore wind power, offshore wind power, photovoltaic power, and photothermal power. The rapid rise in carbon price will lead to the LCOE of coal power in 2060 rising to 2 CNY/kWh. (2) The power consumption of the whole society in the baseline scenario can reach 17,000 TWh in 2060. In the acceleration scenario, this value may triple that in 2020 to 21,550 TWh. (3) The acceleration scenario will pay more newly added power costs and coal power stranded scale than the baseline scenario but can achieve carbon peak and negative emissions earlier. (4) More attention should be paid to the flexible level of power system, improve the allocation proportion and requirements of new energy storage on the power supply side, help the steady exit of coal power, and ensure the safety of low-carbon transformation of power structure.