China Unveils its Plan to Promote Green and Low-carbon Development of Electrical Equipment
ISSUING AUTHORITIES:
Ministry of Industry and Information Technology
Ministry of Finance
Ministry of Commerce
State-owned Assets Supervision and Administration Commission of the State Council
DATE OF ISSUANCE:
August 24, 2022
On August 24, China unveiled the Action Plan for Expediting the Green and Low-carbon Development of Electrical Equipment (the “Action Plan”), emphasizing that the promotion of a green transition in the electricity industry is the top priority for meeting the goal of carbon peak and neutrality.
According to the Action Plan, within five to eight years, the demand and supply structure of electrical equipment in China will be significantly improved, the efficiency of the power grid will be strongly enhanced, and high-end intelligent green development and applications will continue to accelerate. It further points out that the installed capacity of renewable energy will continue to increase. In specific, the wind and solar power equipment will reach the installed capacity of over 1.2 billion kilowatts, and the nuclear power equipment will meet the goal of 70 million kilowatts.
This Action Plan also put forward a range of actions focusing on 10 areas of electrical equipment to help achieve the above goals, including new energy electrical equipment and equipment related to energy storage, power transmission, power distribution and power consumption. It also proposes some supporting measures to facilitate the implement of actions. An examples of this is that, to strengthen the fiscal and tax financial support for the execution of this Action Plan, preferential tax policies such as energy conservation and water conservation will be implemented.
With the measures mentioned in this Action Plan, it is expected that more efforts will be made to boost the green transition of power generation equipment, promote breakthroughs in core technologies and accelerate the smart transition of electrical equipment.
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