The People’s Bank of China (PBC), the central bank, recently held a video conference on its research tasks in 2022, indicating continuous strong support for China’s green and low-carbon growth. Efforts would be made to conduct more in-depth research on transition finance, connect it with green finance and issue more policy recommendations with practical guidance.

Opinions of the Communist Party of China Central Committee and the State Council on the Complete, Accurate, and Comprehensive Implementation of the New Development Concept and the Work of Achieving Peak Carbon Emissions and Carbon Neutrality.

On March 11, 2022, the Ministry of Housing and Urban-Rural Development (MOHURD) officially released the 14th Five-Year Plan for Building Energy Conservation and Green Building Development (the Plan). The Plan proposed that by 2025, over 350 million square meters of existing buildings will be retrofitted for energy conservation; more than 50 million square meters of ultra-low and near-zero energy buildings (NZEB) will be constructed; the proportion of prefabricated buildings in the new urban buildings in the year will hit 30%; the newly installed capacity of solar photovoltaic power will surpass 50 million kilowatts; the application area of geothermal energy in buildings will be more than 100 million square meters; the renewable energy replacement rate in urban buildings will amount to 8%; the proportion of electricity consumption in building energy consumption will exceed 55%.

The “Dual Carbon” pledge requires coordinated efforts of all relevant parties. Next steps for China’s financial system are to improve its climate risk management capacity, evaluate impacts incurred from climate risk, and support an orderly green transition.

National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) issued the Opinions on Improving Institutional Mechanisms and Policy Measures for Green and Low-Carbon Energy Transition (the Opinions). Officials from NEA answered the questions regarding the measures to implement the Opinions.

The urgency of reducing greenhouse gas (GHG) emissions is driving global commitments; technological innovation will enable them to be fulfilled. Accelerating efforts to peak carbon emissions as early as possible would spur innovation by Chinese clean technology firms, enhancing their international competitiveness and boosting exports.

Zhang Jianhua, head of National Energy Administration talked about the key and pressing issues on energy, including how the energy sector contributed to China’s economic growth in 2020; how China is accelerating its clean and low-carbon energy transition while ensuring energy security, in the face of an increasing complex energy security environment.

China Released the "Guidelines on Accelerating the Development of a Green and Low-Carbon Circular Economic Development System" and the "Reform Plan for the Environmental Information Disclosure Mechanism"