Abstract:To achieve carbon neutrality, China's energy system needs a radical transition, and the development of new energy is of central importance. Based on the integrated assessment modeling framework, this study compares economic and social costs and benefits between a scenario reflecting the current energy transition momentum and a scenario of accelerated energy transition. We show that the accelerated energy transition dominated by new energy is essential to achieve carbon neutrality before 2060 and the air quality target required by Beautiful China. The large development of wind and solar power will further reduce their technology costs and the overall energy costs, which will benefit China's wind and solar equipment export and other exporting industries, supporting sustainable economic growth. In addition, the accelerated energy transition will create more jobs and health benefits and avoid substantial social costs of carbon emissions.