Beijing, China – In a bold move towards achieving its carbon reduction goals, Chinese authorities on Wednesday unveiled an ambitious action plan aimed at renewing large-scale equipment in the energy sector.
The plan, jointly released by the National Development and Reform Commission and the National Energy Administration, outlines a significant increase in investment in key areas of the energy sector. By 2027, equipment investment is expected to surge by more than 25% compared to 2023 levels.
Central to the action plan is the transformation of coal-fired power generation units, signaling a shift towards cleaner energy sources. The initiative also emphasizes equipment renewals and technological upgrades in wind power, solar power, hydropower, and other renewable energy sectors.
Additionally, the plan addresses crucial infrastructure improvements, highlighting the need for equipment renewals and technical transformations in power transmission and distribution systems. Upgrading clean energy heating equipment is also a key component, aiming to enhance efficiency and reduce emissions.
To facilitate the implementation of these objectives, China will bolster fiscal, tax, and financial support mechanisms. Financial institutions are encouraged to leverage supportive policies and increase medium- and long-term lending to the manufacturing sector, providing necessary funding for these extensive upgrades.
This latest action plan builds upon earlier efforts. In March, the State Council released a plan promoting the large-scale renewal of equipment and trade-in of consumer goods, outlining key tasks across five categories to stimulate economic growth and modernization.
China’s commitment to environmental sustainability is underscored by its previously announced targets to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. The new equipment renewal plan is a concrete step towards these ambitious goals, signaling China’s dedication to leading in global efforts against climate change.
Reference(s):
cgtn.com
