China, Japan and South Korea will spend an estimated $12.4 trillion to achieve net-zero carbon emissions in their transport systems, according to an ING report.
The $12.4 trillion price tag doesn't include infrastructure spending to replace existing vehicle fleets, install electric vehicle charging points, or store new fuels in the industry, he noted.
If China, Japan and South Korea start their energy transition process today and spread out their efforts over the next 30-40 years, the cost to achieve net-zero carbon emissions in transportation will be manageable, the bank said.China is the world's biggest carbon dioxide emitter and achieving net-zero carbon emissions will cost its transportation sector $11 trillion — or "1.8% of GDP per year through to 2060," the report said.
However, it would be impossible to achieve carbon neutrality without substituting diesel and liquefied natural gas with green ammonia,
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