Another approach examining emissions at the municipal level also indicates the potential of China peaking emission by 2025.
Prof ZOU Ji @EnergyFdn: cities accounting for 40% of nationwide emissions have peaked & another 40% are close to the peak. (t.ly/9mwf)
Sorry, need to clarify my first tweet: the 60% industry sourced CO2 emission covers both direct and indirect emissions including power consumption, while the 30% on power, transport and building is my miscalculation. The CAEP only says all the above adds to 90% of CO2 emissions.
Most data shows the power sector accounts for 40% of China's CO2 emissions, with industry accounting for around 29%, transport 8%, buildings 7%, and the rest are non-combustion emissions.
Noting the above study only considers CO2 emissions, not all GHG, as in China's pledge.
LI Gao from MEE's Dept of Climate Changes hopes the above research can "better serve the drafting of the National Action Plan on Carbon Peak Emissions by 2030"(t.ly/m0pT).
=> High possibility for MEE to adopt the proposed 2025/2030 timelines in the Action Plan.
CAEP says the 2030 peak emission target is "realisable" through "active controlling measures" that prompt different industries and sectors to peak their carbon emissions in a "tiered" manner.
The main challenge for 14FYP is controlling increment and promoting transformation.
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A big move: China's central bank, the People's Bank of China (PBoC), issues a 'green finance assessment plan for financial institutions' (ibit.ly/bA1t). The results are said to be incorporated in PBoC's banking policies and prudent management tools, i.e., bank ranking.
1/quantitive (80%)
% of green finance activities & operation, YoY growth & financial risks
2/qualitative (20%)
Highlights
-green finance strategy, planning and governance
-climate risk stress test & managment
-% non-green & brown assets
-performance on *overseas green finance*
It is a *significant* move for China to regulate the booming green finance industry (i.e. #1 on green bond), both domestically and overseas.
For years, China has been accused of financing highly polluting projects in BRI and are urged to move away from the brown industries.
China's economic planner NDRC just released two interim management measures on the pricing and cost monitoring of natural gas pipeline transportation (ibit.ly/S4zq). The two measures will come into force on 01/01/2022 and valid for eight years - till the end of 2030.
In the market reform (ibit.ly/m2fl) towards "one nation, one network", China's inter-provincial natural gas pipelines are concentrated in one state-owned enterprise - PipeChina (ibit.ly/SDZs). The new policies apply to this SOE & third-party market players.
The new interim policy regrouped the inter-provincial pipelines into four regions, to simplify the previously 15 operational rates to only 4. The goals are to stimulate market competition, secure energy security, optimize transportation routes & improve operational efficiency.
UPDATE - How do China's Party leadership and its bureautic machine operate to ensure the achievement of the country's 14th Five-year Plan (14FYP) and accelerate the actions required to hit the 'dual-carbon goals' on peak emissions and carbon neutrality?
The Party | China's leader Xi Jinping reconfirmed (t.ly/AEMQ) & reassured (t.ly/cRKK) China's determination on the dual-carbon goals.
"This will undoubtedly be a 'tough battle'", says Xi, using a similar narrative to the 'war on pollution' in 2013. 1/n
To ensure the Party's leadership, the Central Ecological and Environmental Inspection Team (CEEIT) is further institutionalised (new administrative measures: t.ly/fu1R). Its work is prioritised and enforced despite a general budget cut.
NEW - China *cut 1/3* of central govt budget on the environment, making it the 2nd largest item experiencing cuts after transportation. t.ly/F3YA
Relevant govt organs also see significant budget shrinks on the environment, energy, biodiversity & climate.
THREAD
The National Energy Administration (NEA) aims to cut 72.25% of its expenses in 2021 vs. the final count in 2020, largely due to a financial allocation cut.
In particular:
Renewable energy -99.26%
Energy management -46.34%
Science & technology -99.25%
I figured people are eager to know about the most recent update on China's climate actions. I'll try to do a weekly round-up here. For more detailed China climate news updates, pls do subscribe @CarbonBrief's daily & weekly brief (t.ly/oDrg) compiled by @tracyyou.
1.1 Beijing CPC committee & govt committed to building a national voluntary GHG emissions reduction management & trading center t.ly/b8Ak
Background: the new China ETS allows entities to offset 5% of verified emissions via China Certified Emissions Reduction (CCER)
1.2 The same policy document also says to implement Extended Producer Responsibility (EPR) on end-of-life EV batteries, which can create pollution but also serve as a source of rare critical raw materials. In addition, it says to set up a marketized *green development fund*.