The News
Chinese authorities unveiled plans to accelerate the country’s energy transition, including changes to its tax, consumption, and energy regulations to boost cleaner sectors of the economy.
The latest announcement outlines objectives such as deriving 25% of energy consumption from non-fossil fuel sources by 2030, and reducing the carbon emission intensity of commercial transportation by about 9.5% compared with 2020. China’s central bank said it would extend a program of cheap lending for emissions-reduction projects.
China already dominates the global solar panel and battery markets, and is fast making inroads into wind turbines, including in markets with dominant incumbents, such as Europe.
