Zhongyi (Nickey) Fu’s Post

China's State Council, the country's top administrative body, has issued a detailed work plan to establish a dual-control system for carbon emissions, marking China's practical shift from energy consumption control to carbon emissions control to achieve the central government's carbon peak and carbon neutrality goals, according to the State Council's latest release. ...by 2025 China will optimize the statistical and accounting system for carbon emissions, with a focus on key industries including power, #steel, #metals, building materials, and #petrochemicals, according to the plan. Read in full: 🔗 https://lnkd.in/gvAHTFSe #China #carbonemission #carbonpeak #carbonneutrality #energyconsumption #policy #greenhousegas #emissionpeaking #energyintenity 

📢 #China to Intensify Penalties for #Carbon #Emission Data Fabrication 🔷 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: China's State Council launches its first administrative regulations to define legal framework for carbon emission trading market operations, nearly three years after the initiation of the national emission trading scheme (ETS). The new regulations took effect starting from May 1, 2024. ◼ 𝐃𝐢𝐬𝐭𝐢𝐧𝐜𝐭𝐢𝐨𝐧𝐬: The new policy, which has higher legal hierarchy as compared with the previous policy, enhances requirements for data quality management and increases legal liabilities. If key emitting entities (KEEs) and technical service providers are involved in illegal data activities, fines will be escalated from no more than 30,000 yuan up to one million yuan, with penalties linked to the profits gained illegally. ◼ 𝐎𝐮𝐭𝐥𝐨𝐨𝐤: The new #policy only covers spot #trading and does not include innovative financial products like #carbonfutures. China plans to transition from a fully free allocation system for carbon emission allowances (CEA) to a hybrid system that combines free allocation with purchasable quotas. However, specific details on when this new allocation method will come into effect and the proportion of paid quotas have not been determined yet. ◼ The national ETS in China currently applies only to the #power generation sector. In the upcoming third compliance period starting in 2024, the #electrolyticaluminum and #cement industries will be included. The focus will then shift to adding the #steel and civil aviation industries to the ETS. 👉 𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 https://lnkd.in/gz8NJpG9 📝 𝐂𝐡𝐢𝐧𝐚 𝐏𝐨𝐥𝐢𝐜𝐲 𝐏𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 is a monthly report that focuses on the evolution of China's #energytransition through in-depth analysis into China's volatile yet policy-driven #energymarket. 👉 To get a free sample, email 𝐠𝐥𝐜𝐨𝐧𝐬𝐮𝐥𝐭𝐢𝐧𝐠@𝐦𝐲𝐬𝐭𝐞𝐞𝐥.𝐜𝐨𝐦 #economy #renewables #greenpower #powertrading   #energytransition #greentransition #chinapolicy #solarPV

China Ramps Up Penalties for Carbon Emission Fraud: Major Regulatory Overhaul to Boost Market Integrity How will China's new regulations reshape the carbon trading landscape? Click to find out. 👇 #Mysteel #China #carbonemission #carbontrading #lowcarbon #penalty #newregulation #policies #DataFabrication

“China has relaunched its long-stalled voluntary carbon offset market, offering funding to projects with the potential to curb emissions but which struggle to generate profits. National trading of the China Certified Emissions Reduction credits began Monday in Beijing, state-owned CCTV reported. Issuance of the credits was halted in 2017 to prevent surplus supply. Efforts to restart the market have been ongoing for more than a year, with the China Beijing Green Exchange chosen to handle trading.” “Initially, the only credits available will be for projects approved before 2017. The government is expected to start approving new projects at a later date. Last year, the government said new approvals would include solar-thermal power, offshore wind, afforestation and mangrove restoration. Institutions that validate projects and verify emissions should get accreditation later this year.” “This to pave the way for new credits in 2024, said Song Yutong, a carbon analyst with the London Stock Exchange Group. China has a separate national market for emission allowances that covers the power sector, which is scheduled to expand to other industries as soon as this year. Polluters can use voluntary credits to offset as much as 5% of their emissions if they don’t have sufficient government-issued allowances.”

China's State Council, the country's top administrative body, has issued a detailed work plan to establish a dual-control system for #carbonemissions, marking China's practical shift from #energyconsumption control to carbon emissions control to achieve the central government's #carbonpeak and #carbonneutrality goals, according to the State Council's latest release. https://lnkd.in/g-Tmj_MM #decarbonization #steel #dualcontrol

Analysis from Carbon Brief highlights that #China is rapidly scaling up its electricity storage capacity (https://lnkd.in/ewnY6hM5). ⚡ These investments have the potential to significantly reduce the country's reliance on coal-fired power plants. 🏭 But what are the socio-economic impacts of this #CoalTransition? 👥 Delve into this #EEIST policy brief to unpack how a decline in coal use is likely to affect jobs and tax revenues, and get insight into policy options that can ensure a #sustainable and equitable coal phase-out in China.💡 Read the brief here 👉 https://lnkd.in/edGbn4Rr University of Exeter

Tariff wars are heating up again as both the US and the EU are crying foul at China’s industrial dominance (especially in Green energy) and have decided to protect the domestic industry (EV and solar panel producers are the ones being protected). The fact is that China has gone miles ahead in the industrial race and protectionist measures will not help in the long run. #greenenergy #industrialpolicy #tariffs #protectionism #geopolitics #china #usa #europe #electricvehicles

📝 #China's Updated Industrial Guidelines Effective on February 1, Boosting Efforts to Reduce #CarbonEmissions China will enforce its latest edition of the Guiding Catalogue for Industrial Structure Adjustment on February 1, 2024. Compared to the 2019 edition, the new Catalogue intensifies efforts to reduce⬇ #carbon emissions, with a notable increase in contents related to #hydrogen #energy technology. 🔷 Changes in the 2024 #policy compared with the previous edition： ◼ #NewEnergy: The updated Catalogue only lists the encouraged items, which.... ◼ #Petrochemical and #Chemical: The Catalogue lists encouraged, restricted and eliminated items, emphasizing a.... ◼ #Power: Newly-added encouraged items include CCUS technology for coal-fired power generators, energy-saving.... ◼ #technologies : and products in the restricted category, investment in new projects is prohibited, but existing capacity is.... ...... 👉 𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞: https://lnkd.in/gvpEhgKq 📝 𝐂𝐡𝐢𝐧𝐚 𝐏𝐨𝐥𝐢𝐜𝐲 𝐏𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 is a monthly report that focuses on the evolution of China's #energytransition through in-depth analysis into China's volatile yet policy-driven #energymarket. 👉 To get a free sample, email 𝐠𝐥𝐜𝐨𝐧𝐬𝐮𝐥𝐭𝐢𝐧𝐠@𝐦𝐲𝐬𝐭𝐞𝐞𝐥.𝐜𝐨𝐦 #economy #OOTT #OIL #oiltrading #energytransition #greentransition

According to public report in China, the Inner Mongolia subsidiary of a large state-owned power generation company paid RMB 550 million for emissions allowance in 2023 under the Chinese national ETS to meet compliance. This "cost" effectively "lowered their overall profits by 18%", according to the report. July marks the three year anniversary of the online spot trading of the ETS allowances in Shanghai, with about 5 billion tons of allowances allocated annually by the central government. The company in the Inner Mongolia is not in a position to hedge. #ChinaETS #carbonmarkets #energytransition

In a #dispute that could turn out to be of the most #consequential in the #race for #critical minerals, China has requested #WTO #dispute consultations with the United States regarding certain tax credits under the US Inflation Reduction Act to promote the #production of electric vehicles and renewable energy projects. The Inflation Reduction Act (IRA) of 2022, has come up with implementing regulations which are affecting incentives for international trade in #EVs and their key #inputs. See more in the latest edition of #Patrick's Trade Digest. https://lnkd.in/dPtbRSr8