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China's "monumental" announcement it is targeting carbon neutrality by 2060 has cemented a permanent downward track for coal demand in the country and points to a peak in its use of oil as early as 2025, according to Bernstein Research.
The predictions are part of a radical transformation expected from the world's largest consumer of energy and biggest carbon-emitter, to meet the surprise goal announced by President Xi Jinping – a goal about 40 years ahead of expected.
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