Modelling and computing the peaks of carbon emission with balanced growth

In this paper, we assume that under the balanced and optimal economic growth path, the economic growth rate is equal to the consumption growth rate, from which we can obtain the ordinary differential equation governing the consumption level by solving an optimal control problem. Then, a novel numerical method, namely a so-called discontinuous Galerkin method, is applied to solve the ordinary differential equation. The error estimation and the superconvergence estimation of this method are also performed. The model's mechanism, which makes our assumption coherent, is that once the energy intensity is given, the economic growth is determined, followed by the GDP, the energy demand and the emissions. By applying this model to China, we obtain the conclusion that under the balanced and optimal economic growth path the CO2 emission will reach its peak in 2030 in China, which is consistent with the U.S.-China Joint Announcement on Climate Change and with other previous scientific results.