The construction of the "dual carbon" policy system has been completed and continuously implemented

Source: Sina

The 'Action Plan for Carbon Peak before 2030' is an 'N' that sets clear overall quantitative goals and proposes the 'Top Ten Actions for Carbon Peak', which mainly involve energy low-carbon, energy-saving, and industrial structure adjustment. These will become the focus of China's future promotion of dual carbon policies.

  The Central Committee of the Communist Party of China and the State Council have issued the "Opinions on Completely, Accurately and Comprehensively Implementing the New Development Concept and Doing a Good Job in Carbon Peaking and Carbon Neutrality". The State Council has issued the "Action Plan for Carbon Peaking before 2030", and relevant departments have issued 12 implementation plans for key areas and industries, as well as 11 support and guarantee plans. 31 provinces (districts, cities) have formulated local carbon peaking implementation plans, and the "dual carbon" policy system has been completed and continuously implemented.

The construction of the "dual carbon" policy system has been completed and continuously implemented

Adhering to the principle of "first establishing, then breaking, and overall planning", we strive to promote the clean and efficient utilization of coal, and have completed energy-saving and carbon reduction renovations, flexibility renovations, and heating renovations for coal-fired power units totaling over 520 million kilowatts. Placing the promotion of new and clean energy development in a more prominent position, the installed capacity of renewable energy in China has exceeded 1.3 billion kilowatts, historically surpassing coal-fired power. Promote the construction of an energy supply guarantee system driven by multiple wheels of coal, oil, gas, nuclear, and renewable energy, and further consolidate the foundation of energy security guarantee.

Deepen the supply side structural reform, scientifically regulate the production of crude steel, and reduce it by over 40 million tons since the 14th Five Year Plan. Vigorously developing strategic emerging industries, represented by solar cells, lithium batteries, and electric passenger vehicles, the "new three samples" have become new driving forces for foreign trade growth. In the first half of this year, the total export of the "new three samples" products increased by 61.6%, driving an overall export growth of 1.8 percentage points. Release the energy efficiency benchmark levels of key industries and key energy consuming equipment, and guide the renovation and renovation of energy conservation and carbon reduction. Strictly control the carbon emissions of new projects, revise and issue the Measures for Energy Conservation Review of fixed assets investment Projects, and resolutely curb the blind development of projects with high energy consumption, high emissions and low levels.

Vigorously developing green buildings, the proportion of newly built green building areas will increase from 77% at the end of the 13th Five Year Plan to 91.2% by 2022; Promote the green and low-carbon transformation of existing buildings, with energy-saving buildings accounting for over 65% of the urban civil building area. Accelerate the adjustment of transportation structure. In 2022, the national railway freight volume reached 4.984 billion tons, a year-on-year increase of 4.4%, and the waterway freight volume reached 8.554 billion tons, a year-on-year increase of 3.8%. In the first half of this year, the production and sales of new energy vehicles reached 3.788 million and 3.747 million respectively, with year-on-year growth rates exceeding 40%; The ownership exceeds 16.2 million vehicles, accounting for more than half of the global market.

Optimize the strategic layout of the main functional areas and complete the delineation of ecological protection red lines. We will solidly promote the protection and restoration of important regional ecosystems, pay close attention to the rectification of prominent ecological and environmental issues in the Yangtze River Economic Belt and Yellow River Basin, and promote high-quality ecological and environmental protection in the Beijing Tianjin Hebei, Yangtze River Delta, and Guangdong Hong Kong Macao Greater Bay Area. Scientifically carry out large-scale national land greening actions, and since the 14th Five Year Plan, the annual completion of national land greening has exceeded 100 million acres. China has a forest coverage rate of 24.02% and a forest stock of 19.493 billion cubic meters, making it the country with the highest and fastest growth in global forest resources.

Adhere to the principle of prioritizing conservation, improve the regulation of total energy consumption and intensity, consolidate the basic capacity of carbon emission dual control, carry out energy-saving work at a high level and quality, and gradually shift from energy consumption dual control to carbon emission dual control. Continuously optimizing the allocation of financial resources, implementing tax and fee preferential policies to support green and low-carbon development, the central government has allocated a total of 1.78 trillion yuan in ecological and environmental protection related funds since 2020. We have launched carbon emission reduction support tools and special re loans to support clean and efficient utilization of coal. As of June this year, the balance of these two tools was 453 billion yuan and 245.9 billion yuan, respectively. Establish a national green development fund, with an initial fundraising of 88.5 billion yuan. Deepen energy price reform, promote market-oriented reform of coal-fired power generation grid electricity prices, implement new energy parity grid electricity policies, improve the time of use electricity price mechanism, and improve the two part system electricity price policy for pumped storage. Establish a sound green power trading system, with a national green power trading capacity exceeding 60 billion kilowatt hours.

Establish a unified and standardized carbon emission statistical accounting system, and officially incorporate carbon emission statistical accounting into the national statistical investigation system. Establish an overall group for carbon peak and carbon neutrality standardization, and implement the "14th Five Year Plan" 100 actions to improve energy conservation and carbon reduction standards. We will strengthen green and low-carbon scientific and technological innovation, build five State Key Laboratory in the "dual carbon" field, implement key research and development projects such as "renewable energy technology", and strengthen the training of "dual carbon" professionals.

According to the "2023-2028 China Carbon Neutrality Industry Research and Investment Opportunity Analysis Report" by China Research Puhua Research Institute

In October 2021, the top-level design of the "1+N" policy system for carbon peaking and carbon neutrality was released. Among them, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Fully and Accurately Implementing the New Development Concept to Do a Good Job in Carbon Peaking and Carbon Neutrality" is "1", playing a leading role in the carbon peaking and carbon neutrality policy system. The "Action Plan for Carbon Peaking before 2030" is "N", proposing clear overall quantitative goals and the "Ten Major Actions for Carbon Peaking", Mainly involving low-carbon energy, energy conservation, and industrial structure adjustment, these will become the focus of China's future promotion of dual carbon policies.

China's "dual carbon" commitment is not only a major responsibility for addressing global climate change, but also a strategic choice for China to promote green economic transformation and comprehensively build a socialist modernized power through carbon neutrality. Achieving carbon peak and carbon neutrality is a practical goal for China's low-carbon and sustainable economic transformation. It is the specific implementation and the most important force in promoting high-quality development under China's new development concept, and is a broad and profound economic and social systemic transformation. Carbon neutrality marks the formation of an unprecedented global consensus and action, and also signifies a profound shift in the development paradigm of China and the world.

Achieving carbon peak and carbon neutrality is a "paradigm shift" in China's economic development, and it will inevitably promote a "paradigm shift" in China's finance, leading to a comprehensive transformation towards "zero carbon finance". Zero carbon finance will include establishing a zero carbon investment and financing system to support China's carbon neutral transformation of the economy, managing the reset risk of existing financial balance sheets from high carbon to low carbon, constructing a macro management framework for zero carbon finance, developing a zero carbon financial market that is in line with international standards, and achieving comprehensive zero carbon transformation for Chinese financial institutions in the process.

Internationally, developing zero carbon finance has become a new research direction in support of carbon neutrality. Although it is still in its early stages, there is a consensus that zero carbon finance is essentially a key factor in helping the economy achieve "net zero carbon emissions". Overall, there is relatively little research on the following issues: firstly, theoretical research lags behind practice. Against the backdrop of financial development supporting carbon peaking and carbon neutrality, what are the core breakthroughs and development directions for financial theoretical innovation and policy research? Secondly, the focus of research on existing financial concepts serving carbon neutrality is not thorough, such as green finance focused on environmental protection, climate finance that fills the climate financing gap, and sustainable finance under the sustainable development framework. Why is it difficult to fully meet the challenges of carbon neutrality transformation? What are the characteristics and connotations of finance that supports carbon neutrality? Thirdly, there is insufficient analysis of the international zero carbon financial policy system. European and American countries view carbon neutrality transformation as an important strategy to gain economic benefits and lead the world, in order to build a policy system that is compatible with climate governance and financial governance. What experiences and lessons can be learned from a systematic and holistic evaluation of it? Fourthly, the theoretical and policy research on the systematic construction of a zero carbon financial macro management framework and a composite ecosystem of zero carbon financial markets is relatively weak. How should we focus on financial services for the transformation of the real economy and technological innovation from policy formulation and market coordination, and help achieve the "dual carbon" goal as soon as possible and steadily?

The Chinese financial theory community and industry need to generate economic and financial theory and institutional innovation from the perspective of "paradigm shift", based on the evolution laws of global financial participation in environmental governance, climate governance, and sustainable development, and creatively build a world leading zero carbon financial system, practicing the new development concept of finance. This includes proposing the characteristics and connotations of "zero carbon finance" that are consistent with China's carbon neutrality goals, summarizing the experience and lessons learned from the international zero carbon finance policy system architecture and practice, studying and establishing a macro management framework for zero carbon finance that is in line with China's national conditions from a systematic and holistic perspective, constructing a unique zero carbon finance market ecosystem in China, and promoting the construction and development of a global zero carbon finance governance mechanism in creating a zero carbon finance system, And in this process, we will promote the high-level opening up of China's finance to the outside world. This is a historical opportunity for China's finance to practice the new development concept and "overtake by changing lanes" to reach the forefront of the world. It is also the responsibility and responsibility of China's finance to contribute to the world's zero carbon new financial system.