China’s fundamental energy policy is the ’30-60’ dual target – peak carbon emissions in 2030, and net-zero in 2060. When this target was announced in 2020, our commentary was that this would be exceeded, with peak coal coming in perhaps 2028 and net-zero in 2055. Now China is set to achieve peak coal consumption in 2025, perhaps already in 2024 if hydropower output is good. Peak coal is not quite the same as peak emissions – but the timeline on overall emissions peak may have been moved forward to 2025 as well, considering the relatively smaller scale of the Chinese natural gas industry, the swift adoption of EVs (electric vehicles), and the end of the construction boom. China’s domestic coal…