General

According to the Chinese government website, the State Council has recently issued the "Carbon Peaking Action Plan by 2030".

The "Plan" proposes that by 2025, the proportion of non-fossil energy consumption will reach about 20%, energy consumption per unit of GDP will be reduced by 13.5% compared to 2020, and carbon dioxide emissions per unit of GDP will be reduced by 18% compared with 2020. Dafeng lays a solid foundation.

Deploy Carbon Peak "Ten Major Actions"

The main objectives of the "Plan" are that during the "14th Five-Year Plan" period, significant progress has been made in the adjustment and optimization of the industrial structure and energy structure, the energy utilization efficiency of key industries has been greatly improved, the growth of coal consumption has been strictly controlled, the construction of a new power system has been accelerated, and the green is low. New progress has been made in the research and development, promotion and application of carbon technologies, and green production and lifestyles have been widely promoted. The policy system conducive to the development of green and low-carbon cycles has been further improved. By 2025, the proportion of non-fossil energy consumption will reach about 20%, energy consumption per unit of GDP will be reduced by 13.5% compared to 2020, and carbon dioxide emissions per unit of GDP will be reduced by 18% compared with 2020, laying a solid foundation for achieving carbon peaks .

During the "15th Five-Year Plan" period, significant progress has been made in industrial restructuring, a clean, low-carbon, safe and efficient energy system has been initially established, a low-carbon development model in key areas has basically taken shape, the energy utilization efficiency of key energy-consuming industries has reached the international advanced level, and non-fossil energy consumption The proportion has further increased, coal consumption has gradually decreased, key breakthroughs have been made in green and low-carbon technologies, a green lifestyle has become a conscious choice of the public, and the green and low-carbon circular development policy system is basically sound. By 2030, the proportion of non-fossil energy consumption will reach about 25%, and the carbon dioxide emissions per unit of GDP will be reduced by more than 65% compared with 2005, and the goal of carbon peak by 2030 will be successfully achieved.

The "Plan" clearly stated that carbon peaking runs through the entire process and all aspects of economic and social development, focusing on the implementation of energy green and low-carbon transformation actions, energy-saving and carbon-reducing and efficiency-increasing actions, industrial carbon peaking actions, urban and rural construction carbon peaking actions, Transportation Green and Low-Carbon Action, Circular Economy Boosting Carbon Reduction Action, Green and Low-Carbon Technology Innovation Action, Carbon Sink Capability Consolidation and Improvement Action, Green and Low-Carbon Action for All, and Ordered Carbon Peaking Action in Various Regions, etc. action".

Identify multiple "timelines"

The "Plan" clarified a number of timetables in the "Top Ten Actions for Carbon Peaking".

Among them, in terms of energy green and low-carbon transformation actions, the "Plan" proposes to promote coal consumption substitution and transformation and upgrading, vigorously develop new energy, develop hydropower according to local conditions, actively develop nuclear power in a safe and orderly manner, rationally regulate oil and gas consumption, and accelerate the construction of a new power system . These include:

·By 2030, the total installed capacity of wind power and solar power will reach 1.2 billion kilowatts or more

·The newly added hydropower installed capacity during the "14th Five-Year Plan" and "15th Five-Year Plan" period was about 40 million kilowatts

·By 2025, the installed capacity of new energy storage will reach more than 30 million kilowatts

·By 2030, the installed capacity of pumped-storage power plants will reach about 120 million kilowatts, and the provincial power grid will basically have a peak load response capacity of more than 5%

Regarding the carbon peaking action in the industrial sector and the carbon peaking action in urban and rural construction, the "Plan" clarifies:

·By 2025, the domestic crude oil processing capacity will be controlled within 1 billion tons, and the capacity utilization rate of major products will be increased to over 80%

·By 2025, new buildings in cities and towns will fully implement green building standards

·By 2025, the replacement rate of renewable energy in urban buildings will reach 8%, and the roof photovoltaic coverage rate of new public institutions and new factories will reach 50%.

In terms of green and low-carbon actions in transportation, the "Plan" proposes to promote the low-carbon transformation of transportation equipment, build a green and efficient transportation system, and accelerate the construction of green transportation infrastructure. Which clearly requires:

·By 2030, the proportion of newly-added new energy and clean energy-powered vehicles will reach about 40%, and the carbon emission intensity of the converted turnover of operating vehicles will be reduced by about 9.5% compared with 2020, and the comprehensive energy consumption of national railways will be converted into turnover. Decrease by 10% from 2020

·Land transportation oil consumption strives to reach its peak by 2030

·During the "14th Five-Year Plan" period, the combined transportation volume of containerized iron and water increased by more than 15% annually

·By 2030, the proportion of green travel in cities with a permanent population of more than 1 million in urban areas will not be less than 70%

·By 2030, strive to achieve full electrification of vehicles and equipment in civil transportation airports

Regarding circular economy to help carbon reduction actions, the "Plan" puts forward:

·By 2030, all key industrial parks at or above the provincial level will be cyclically transformed

·By 2025, the annual utilization of bulk solid waste will reach about 4 billion tons; by 2030, the annual utilization will reach about 4.5 billion tons

·By 2025, the recycling volume of 9 major renewable resources including scrap iron and steel, scrap copper, scrap aluminum, scrap lead, scrap zinc, waste paper, waste plastics, waste rubber, and waste glass will reach 450 million tons, and reach 5.1 by 2030 Billion tons

·By 2025, the classification system of urban domestic waste will be basically sound, and the resource utilization ratio of domestic waste will increase to about 60%. By 2030, complete coverage of urban domestic waste classification will be achieved, and the proportion of domestic waste resource utilization will increase to 65%

In terms of actions to consolidate and improve carbon sink capacity, the "Plan" proposes that by 2030, the national forest coverage rate will reach about 25%, and the forest stock will reach 19 billion cubic meters.

Support qualified green companies to go public and raise funds

The "Plan" has deployed international cooperation and policy guarantees for carbon peaks before 2030.

In terms of policy guarantees, the "Plan" proposes to establish a unified and standardized carbon emission statistical accounting system, improve laws and regulations and standards, improve economic policies, and establish a sound market-oriented mechanism.

Among them, in terms of improving economic policies, the "Plan" clarifies that a tax policy system that is conducive to green and low-carbon development will be established and improved, and tax preferential policies such as energy-saving and water-saving, and comprehensive utilization of resources will be implemented and improved. Improve the green electricity price policy, improve the residential tiered electricity price system and time-of-use electricity price policy, and explore the establishment of a dynamic adjustment mechanism for time-of-use electricity prices. Improve the green finance evaluation mechanism and establish a sound green finance standard system. Vigorously develop financial instruments such as green loans, green equity, green bonds, green insurance, green funds, establish carbon emission reduction support tools, guide financial institutions to provide long-term, low-cost funds for green and low-carbon projects, and encourage development policy financial institutions Provide long-term stable financing support for the carbon peak operation in accordance with the principles of marketization and rule of law. Expand the depth and breadth of the green bond market, and support eligible green companies to go public for financing, listing and refinancing. Study the establishment of a national low-carbon transformation fund to support the green transformation of traditional industries and resource-rich regions. Encourage social capital to establish green and low-carbon industry investment funds in a market-oriented way.

In terms of establishing and improving a market-oriented mechanism, the "Plan" emphasizes the role of the national carbon emission trading market, further improving supporting systems, and gradually expanding the scope of the trading industry. Build a nationwide energy-use rights trading market, improve the system of paid use and transaction of energy-use rights, and do a good job of linking up with the dual control system of energy consumption. Coordinate and promote the construction of markets for carbon emission rights, energy use rights, and electricity trading, strengthen the connection and coordination between market mechanisms, and incorporate carbon emission rights and energy use rights trading into the public resource trading platform. Actively promote contract energy management, and promote the "one-stop" comprehensive service model of energy conservation consulting, diagnosis, design, financing, renovation, and trusteeship.