SAMR Carbon Peak and Carbon Neutrality Leading Group
On 19 August 2021, State Administration for Market Regulation (SAMR) announced that it had set up a Carbon Peak and Carbon Neutrality Leading Group that promotes work related to carbon neutrality in the field of market supervision.
The Leading Group will give full play to its regulatory functions in measurement, standards, certification and accreditation, price competition and special equipment supervision, as well as carry out the work related to carbon peak and carbon neutrality. It will provide necessary support and guarantee the fulfillment of carbon peak and carbon neutrality targets as scheduled in China.
Carbon Emission Trading
Carbon emission trading is a means to control and reduce greenhouse gas emissions through the market mechanism. It is also an important policy that helps with the implementation of China’s carbon peak goal and carbon neutrality vision. The construction of a national carbon market can provide economic incentive for carbon reduction, reduce the cost of emission reduction, and drive both green technological innovation and industrial investment.
In its first month , the trading volume of emission quota in the national carbon market reached 7.02 million tons, with a total trading volume of CNY 355 million.
Promoting New Energy Vehicles
Since China put forward a distinct timeline for carbon peak and carbon neutral development goals, vehicle electrification has become undoubtedly more urgent. Achieving carbon peak and carbon neutrality requires joint efforts between the energy and industrial sectors.
In energy supply and consumption:
- Ensure the total amount of energy supply. The total energy supply is expected to support overall demand for the car market by 2035.
- Guarantee the supply of non-fossil energy.
- Implement an intelligent distribution network of renewable energy, especially wind power and photovoltaic power generation.
- Reduce direct consumption of coal, oil and gas.