The global race to net-zero emissions has begun. But the world has much further to run.

The European Union, Japan, the UK and many other major world economies have set ambitious goals to reach net-zero emissions by 2050. China, the world’s biggest emitter, is aiming to be carbon neutral before 2060. And US President Joe Biden announced the nation’s return to the Paris Agreement and is putting the fight against climate change at the heart of his administration’s goals.

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Global investors managing nearly $7tn (£5.2bn) of assets plan to almost double their spending on renewable energy infrastructure over the next five years amid deepening concerns over the fossil fuel industry’s climate plans, according to a report.

A survey of institutional investors found that they are planning to increase their renewable energy investments from 4.2% of their overall portfolio to 8.3% in the next five years and 10.8% within the next decade to about $742.5bn.

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The growth of China’s PV industry is expected to accelerate in the coming years, partly because of the country’s new aim to become climate neutral by 2060. This was one of the conclusions that emerged from the recent Jintan Photovoltaic New Energy Development Summit.

Zhou Dadi, the deputy president of the China Energy Research Society, said that renewable energy sources such as solar PV and wind power will become bigger elements of the overall Chinese primary energy mix.

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Prime Minister Yoshihide Suga is set to bind Japan to a target for carbon neutrality by 2050, a shift in stance that will bring the country in line with the European Union and more than 60 other nations in efforts to combat climate change.

The new target will be announced by Suga when he makes his first address to parliament on Monday, after taking office last month, the Nikkei reported earlier this week.

Japan previously said it would aim to reduce emissions by 80% by 2050 and achieve net-zero emissions sometime in the latter half of the century.

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The European Commission on Wednesday unveiled a strategy to scale up renewable hydrogen projects across polluting sectors from chemicals to steel and push for clean fuels and energy efficiency to meet the EU’s net-zero emissions goal by 2050.

European industry and refineries already use around 8 million tonnes of hydrogen each year, but most of this is “grey” hydrogen, a version made from natural gas in a process that produces planet-warming emissions.

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