In the contemporary era, the "dual carbon" strategy has emerged as a pivotal force, ushering in a new era characterized by green and low-carbon productivityIt accelerates a fresh wave of industrial revolution while promoting transformative shifts in the economic and social landscape towards sustainabilityBy the end of 2023, China has accounted for over half of the world's new installed capacity in renewable energy generation, production and sales of electric vehicles, and heat pumpsThis impressive statistic signifies the rapid emergence of new green and low-carbon economic growth points, which are essential for navigating global climate challenges.

Looking towards the future, it is evident that an energy transformation directed at enhancing efficiency and cleanliness is well underwayThe reliance on traditional energy sources such as coal and oil is set to undergo disruptive changes, as the electrification of end-use energy and the decarbonization of the power generation mix are acceleratedThis shift towards improved energy efficiency across various sectors and industries will give rise to numerous new industries, pathways, and dynamicsThis evolving landscape will inevitably have significant and far-reaching implications for future technology, industrial formats, employment directions, and investment avenues.

The "dual carbon" strategy is instigating a new form of productivity that can be categorized into four main aspectsFirstly, the transformation of energy dynamics is fundamentally altering how productivity is realizedHistorically, many significant industrial revolutions have stemmed from advances in energy technology, such as the steam engine and the advent of electricityThe current "dual carbon" strategy is leading to a reduction in the share of coal-based power, while renewable sources like wind, solar, hydropower, nuclear, and biomass are rapidly expanding as "zero carbon" optionsThis transformation is not just theoretical; it is manifesting in the development of new technologies within both the energy supply and consumption sectors

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For instance, electric vehicles are now widely replacing their fossil-fuel counterparts, while processes like molten reduction and hydrogen smelting are substituting traditional steelmaking methodsIn the residential sector, heat pumps are superseding coal and gas for heating purposes, thereby facilitating the transition towards zero-carbon industries, including paper, textiles, and alcoholic beverages.

Secondly, the pressing needs for energy conservation and cost reduction are driving technological iterations that bring about new forms of productivityEnhanced energy efficiency and lowered costs serve as enduring catalysts for ongoing economic and social advancementThe hallmark of this new productive capacity is marked by a significant increase in total factor productivity, with energy utilization efficiency being a critical measure of green productivityTake, for example, China's green lighting industry, which has evolved from incandescent lamps to energy-saving bulbs, and currently LED lighting, all while increasingly adopting low color temperature technologiesEach upgrade's central motive has been achieving better energy efficiency and reduced costsSimilarly, the iron and steel, chemical, and nonferrous metal industries are seeing declining energy consumption per unit of output primarily due to innovations in energy conservation---including the efficient use of waste heat and energy, and catalysis innovation.

On the other hand, these innovations not only improve existing industries but also spur the growth of burgeoning sectorsEfforts to reduce electricity usage in electric vehicles, decrease energy consumption in silicon production, and enhance energy efficiency in data centers are all pivotal factors driving the rapid green transformation of industries such as electric vehicles, photovoltaics, and big data.

Lastly, innovations in negative carbon technologies are fostering a new qualitative productivityAchieving carbon neutrality requires more than just harnessing renewable energy and enhancing energy efficiency to mitigate carbon emissions; it also encompasses the implementation of carbon capture and utilization technologies

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