China's climate push could spawn new global players, even if Beijing falls short on its pledge

cnbc.com:

BEIJING — China says it wants to be carbon neutral by 2060 — and those stated ambitions are spawning companies that could one day become global leaders in their fields.

Two years ago, Chinese President Xi Jinping formally announced the world's second largest economy would strive for peak carbon emissions in 2030, and carbon neutrality in 2060.

To be carbon neutral means the amount of carbon dioxide emitted by the whole country will be offset in other ways. It also means there shouldn't?/won't? be any increase in greenhouse emissions in China after 2030.

While the country struggles to wean itself off coal, analysts said Beijing's top-level emphasis on climate has fueled a policy push to try to support businesses focused on renewable energy and reducing carbon emissions.

«China's already a leader in so many parts of the decarbonization effort,» said Norman Waite, energy finance analyst at the Institute for Energy Economics and Financial Analysis (IEEFA).

«They're either leading or right in the pack with everybody else in the efforts to decarbonize. It's not a one- or two-company effort. This is a bunch of companies who are pressing forward,» he said.

Electric cars and batteries have been an obvious growth area, with Chinese EV makers expanding their businesses beyond China.

Chinese electric car giant and battery maker BYD launched passenger cars for Europe in late September, while start-up Nio is set to hold its European launch event in Berlin in early October.

Technologies to store and transmit power generated via renewable sources are another area that analysts are watching.

«More of the Chinese companies are getting to the size in China that they start to go out as well and establish partnerships abroad» in energy