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Economic Watch: China’s new five-year blueprint paves way for 2060 carbon-neutrality

Abstract : China will take more measures to restructure its industry and energy mix in a greener way, and this will lay a solid foundation for peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060.

BEIJING, March 8 (Xinhua) — China will take more measures to
restructure its industry and energy mix in a greener way, and this will
lay a solid foundation for peaking carbon dioxide emissions by 2030 and
achieving carbon neutrality by 2060.

Over the next five years and beyond, China will control the aggregate
amount and intensity of energy consumption, reduce the use of fossil
energy and advance the low-carbon transition of sectors including
industry, construction and transportation, according to the draft
outline of the 14th Five-Year Plan (2021-2025) for national economic and
social development and the long-range objectives through the year 2035.

“The government will support related regions where conditions permit
to take the lead in peaking carbon emissions ahead of schedule,” said
the outline unveiled during the ongoing “two sessions.”

GO LOW-CARBON

In September 2020, China announced that it will strive to bring its
carbon emissions to a peak before 2030 and become carbon-neutral before
2060.

“As the world’s largest developing nation, China needs to make
greater efforts than what developed countries did to achieve the goal,”
said Ding Kuiling, vice president of Shanghai Jiao Tong University and
an academician with the Chinese Academy of Sciences.

Facing a tight timetable and arduous tasks, China should focus on the
promotion of renewable energy, advance the research and development of
energy conservation technologies and cut carbon emissions, said Ding,
also a national political advisor, adding that the country’s current
energy consumption and carbon emissions remain huge as it is still in a
stage of industrialization.

The outline noted that China will further transform its energy
consumption structure by promoting the wider use of clean and renewable
energy during the 2021-2025 period.

Over the last five years, the share of clean energy consumption in
the country has risen from 19.1 percent to 24.3 percent, data by the
National Energy Administration showed.

“The development of sectors with high energy consumption and heavy
carbon emissions will be strictly curbed, and the green transformation
of steel, oil and construction industries will be promoted,” the outline
said.

By 2030, China aims to lower carbon dioxide emissions per unit of GDP
by over 65 percent from the 2005 level, raise the share of non-fossil
energy in primary energy use to around 25 percent, and bring the total
installed capacity of wind and solar electricity to more than 1.2
billion kilowatts.

An action plan for peaking carbon emissions by 2030 is expected to be
unveiled within the year, according to a government work report.

LEVERAGE GREEN FINANCE

Apart from the clean energy campaign, China signals more efforts to
promote comprehensive green transformation in its economic and social
development.

To facilitate the green upgrade of various sectors, more green finance stimulus packages are expected.

In 2016, the People’s Bank of China (PBOC), the country’s central
bank, issued and implemented a policy framework on green finance. Since
then, green financing took root and spread across China.

By the end of last year, China’s outstanding green loans reached
nearly 12 trillion yuan (about 1.85 trillion U.S. dollars), official
data showed.

The bank will give full play to financing for green development in
resource allocation, risk management and market pricing, said Chen Yulu,
vice governor of the PBOC and a national political advisor.

Chen said the country would guide and leverage more financial
resources to low-carbon and green transformation projects through its
macro policies, including monetary and credit policies and mandatory
disclosure of green finance-related information.

China will also improve the system of green financing standards,
focusing on three major areas — climate change, pollution control, and
energy conservation and emission reduction, he added.

He called for international cooperation to fully tap the potential of
green financing in supporting China and other countries to achieve
their respective carbon-neutrality targets. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal. China’s silk road economic belt and the 21st century maritime silk road website, include BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: Economic Watch: China’s new five-year blueprint paves way for 2060 carbon-neutrality

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