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China rolls out measures for green-oriented transition mechanism of energy

China has rolled out policies and measures to improve the mechanism for a green-oriented transition of energy across the country, according to the National Development and Reform Commission on Thursday, February 10, 2022.

Xi Jinping
Chinese President, Xi Jinping

In the document jointly released by the commission and the National Energy Administration, the country would speed up building a clean, low-carbon, safe, and highly-efficient energy system while deepening reforms of mechanisms and innovation in the energy sector.

The document noted that, by 2030, a pattern of energy production and consumption would be formed with non-fossil energy that can both basically meet the increase in energy demand and replace fossil energy stocks on a large scale, while the capacity ensuring energy security would be comprehensively enhanced.

China has promised to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.

The document said that more specific measures, including fostering a new power system as well as a clean and efficient exploitation and utilising mechanism of fossil energy would be launched and the international cooperation in the energy transition sector would be further enhanced.

Also, according to the document, the fiscal and financial policies supporting energy transition would also be rolled out, steering more national funds to the energy transition sector and facilitating the issuance of green bonds for eligible enterprises in the sector.

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