Sep 09, 2022 06:21 PM

China Green Bulletin: Vice Premier Highlights Security in Green Energy Transition, Climate Investing to Reach Dual Carbon Goals

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Sichuan electricity shortage exposes a major challenge as China pushes to develop wind, solar and hydro to offset greenhouse gas-emitting coal

In Depth

This summer’s catastrophic electricity shortfall in Southwest China’s Sichuan province exposed the biggest weakness in the country’s strategy for decarbonizing power generation: the weather. Click here to read how extreme weather became the weak link in the country’s new-energy power plan.

Top News Items

Vice Premier highlights the need for security in energy transition

Vice Premier Han Zheng told an energy forum that China will build a low-carbon, safe and efficient energy system to increase the stability, security, and sustainability of China’s energy supply. On one hand, the country will accelerate green transition in the energy sector by boosting new energy and clean energy development. On the other hand, “energy security is the bottom line,” said Han.

Climate investment and financing to help dual carbon goals

Li Gao, director of the Ministry of Ecology and Environment’s Climate Change Department, stated in an article that the climate investment and financing (CIF) pilot program should focus on the country's dual carbon targets and support both high-quality development and carbon reduction. According to Li, China needs to design high-level CIF guidelines, increase the involvement of financial institutions in climate change initiatives, and strengthen the strategic cooperation between authorities and enterprises, in an effort to push forward the CIF pilot program effectively.

Building materials sector’s green transition

The China Building Materials Federation, an official industry association, issued guidelines (建材工业“十四五”发展实施意见) on achieving peak carbon and carbon neutrality goals for the sector during the 14th Five-Year Plan period. According to the guidelines, the sector will accelerate green and low-carbon development, promote national economic growth, and meet the demand for high-quality building materials, ensuring the cement industry takes the lead in peaking carbon emissions before 2023 and peak emissions sector-wide by 2025.

Beijing to accelerate green finance reforms

A work plan (“两区”建设绿色金融改革开放发展行动方案) on carrying out more green financial reforms was published by the Local Financial Regulation and Supervision of Beijing. Under the work plan, Beijing will increase international cooperation on green finance, support the growth of green industries and the construction of green cities, improve green finance market mechanisms, and expand the infrastructure for green finance, strengthening the city’s role as the global center for green and sustainable finance.

Shandong pushes development of new-energy storage technologies

The Energy Administration of Shandong, a populous eastern province, released the first provincial circular (关于促进我省新型储能示范项目健康发展的若干措施) to encourage the development of new-energy storage technologies through the spot market. In order to promote new-energy storage technologies, Shandong will encourage new-energy projects to actively adopt storage facilities, support the development of large independent energy storage power stations and offer preferential rates on electricity in the spot market.

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