Beijing, August 22, 2024, The Europe Today: Chinese authorities on Wednesday announced a comprehensive action plan aimed at promoting large-scale equipment renewals in the energy sector as part of the country’s ongoing efforts to achieve its carbon reduction targets. The plan, jointly released by the National Development and Reform Commission (NDRC) and the National Energy Administration (NEA), outlines significant investment and technological upgrades to drive China’s transition to cleaner energy.
By 2027, China aims to increase equipment investment in key areas of the energy sector by more than 25% compared to 2023 levels. The plan emphasizes the transformation of coal-fired power generation units and the modernization of equipment in wind, solar, and hydropower sectors. Additionally, it sets forth measures for upgrading power transmission and distribution infrastructure and improving clean energy heating equipment.
To support the implementation of these initiatives, China will enhance fiscal, tax, and financial support. Financial institutions are encouraged to leverage supporting policies and expand medium- and long-term loans to the manufacturing sector, ensuring the necessary funding for the technological advancements outlined in the plan.
This action plan builds on a broader strategy introduced by the State Council in March, which focused on the large-scale renewal of equipment and the trade-in of consumer goods. The initiative is part of China’s commitment to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060, reflecting the nation’s determination to lead in global efforts to combat climate change.
