SINGAPORE, (Reuters) – China could triple its electricity generation in order to provide 60% of total country’s energy, according to Beijing’s goal to be carbon neutral by 2060. This is up from 23% currently, Royal Dutch Shell (LON) announced Monday.

Shell is a major global investor in China’s oil sector. The company has business that includes gas production and petrochemicals as well as a retail fuel network. Shell is the world’s largest supplier of liquefied gas and has expanded its business into lower-carbon areas such as hydrogen production and electric vehicle charging.

Shell made a rare assessment by the oil giant Shell of China’s energy sector. It said that China had to act quickly in this decade if it wants to remain on the path to carbon-neutrality.

China has not revealed details of its 2060 carbon roadmap, although it has laid out plans to achieve peak emissions by 2030.

These include investing in a reliable power source and showing technologies that can transform heavy industries using carbon capture, utilisation and biofuel.

Shell International chief economist Mallika Ishwaran stated that China is capable of delivering better social and environmental outcomes and can also be a strong force in global climate fight. She spoke at a webinar hosted and recorded by Shell’s China division.

Shell projects that China’s electricity will grow three-fold from its 20EJ level in 2020 to reach 60EJ by 2060.

Shell reported that wind and solar power would surpass coal to become the most important sources of electricity in China by 2034. This is compared to the 10% currently used, which will rise to 80% between 2060-2060.

Hydrogen production is projected to increase to 17 EJ, or 580,000,000 tonnes, by 2060. This figure represents almost negligible amounts of hydrogen. Shell stated that electrolysis using renewable and nuclear energy will produce over 85%.

According to the firm, hydrogen will account for 16% of all energy consumption by 2060. Heavy industry and long-distance transportation are top hydrogen users.

According to the firm, China’s carbon prices will rise from 300 Yuan per tonne to 800 yuan by 2030 to 1,300yuan ($204.82/tonne) in 2060.

Shell claimed that both nuclear and biomass have important, but niche roles in future power generation.

It added that electricity generated from biomass combined with carbon capture, utilisation, and storage (CCUS) provide negative emissions to the rest of our energy system starting in 2053.

($1 = 6.3470 renminbi)