V. Policy Support

1. Developing a unified and standardized carbon emissions measuring and counting system

We will improve our capacity for the statistics and accounting of carbon emissions, work for better accounting methods, and accelerate the establishment of a unified and standardized carbon emissions measuring and counting system. We will support industries and businesses in conducting methodology research on carbon emissions accounting based on their own characteristics, and set up a sound measuring system for that purpose. To upgrade measurement technology for carbon emissions, we will move faster to apply new technologies such as remote sensing measurement, big data, and cloud computing, and raise our statistical accounting capabilities. We will take part in international cooperation for accounting method development, thus promoting the establishment of fairer and more equitable carbon accounting systems.

2. Improving laws, regulations, and standards

To build a legal system that supports the green and low-carbon development, we will promote the formulation and revision of the Energy Law, the Energy Conservation Law, the Electric Power Law, the Coal Industry Law, the Renewable Energy Law, the Law on Promoting the Circular Economy, and the Law on Promoting Clean Production. We will update energy efficiency standards at a faster pace, and revise a raft of energy consumption caps, compulsory national standards for the energy efficiency of products and equipment, and project construction standards, in an effort to raise the standards for energy conservation and carbon emissions reduction. We will refine the system of standards for renewable energy and expedite the pace of formulating and updating standards in these sectors. We will establish well-conceived standards for the production, storage, transportation and usage of hydrogen. We will improve standards on environmentally friendly and low-carbon development of industries. We will lay out standards for calculating, reporting, and verifying the carbon emissions from major enterprises, and explore ways to set life cycle carbon footprint standards for major products. We will actively participate in the formulation and revision of international standards on energy efficiency, low-carbon development etc., and strive for better alignment of these standards.

3 . Optimizing economic policies

All governments should deliver greater support to work related to peaking carbon dioxide emissions and achieving carbon neutrality. We will establish a sound tax policy system that is conducive to green and low-carbon development, refine and implement preferential tax policies for energy and water conservation and the comprehensive use of resources, and better leverage the role of tax in spurring environmentally friendly and low-carbon development of market entities. We will refine green pricing policy for electricity, introduce sound tiered pricing for household electricity consumption and time-of-use electricity pricing, and explore ways to establish a dynamic mechanism for adjusting time-of-use electricity pricing. We will improve the evaluation mechanism and standards for green finance and establish a sound green finance standard system. We will make an all-out effort to develop green credit, equity, bond, insurance, fund and other financial instruments. With the introduction of tools which support carbon emissions reduction, we will guide financial institutions in providing long-term, low-cost funding for green and low-carbon projects, and encourage development and policy-backed financial institutions to provide continued long-term financial support for peaking carbon dioxide emissions initiatives by employing market-oriented and law-based measures. We will expand the depth and width of the green bond market, and support qualified green enterprises in their efforts to go public and refinance. We will research to set up a national fund for low-carbon transformation to support traditional industries and resource-rich regions in pursuing green transformations. Nongovernmental capital will be encouraged to set up green and low- carbon industry investment funds in a market-based manner.

4. Establishing sound market mechanisms33

We will give full play to the role of the national carbon emission trading market, further refine supporting systems, and expand the trading scope in due course. We will build a national market for energy-use rights, improve the system for the paid use and trading of energy-use rights, and ensure its compatibility with the system to control both the total amount and intensity of energy consumption. We will make systematic efforts to build markets for trading carbon emission rights, energy-use rights and electricity, and make the market mechanisms better linked and more coordinated, so that the trading of carbon emission rights and energy-use rights can be included in trading platforms for public resources. We will promote contracted energy management, and encourage one-stop services for the consultancy, diagnosis, design, financing, renovation, and entrustment of energy-saving projects.

VI. Implementation

1. Strengthening planning and coordination

The CPC Central Committee will strengthen its centralized, unified leadership over the efforts to peak carbon dioxide emissions and carbon neutrality. The Leading Group will make overall plans and systematic steps, and take a holistic approach to major issues and major policies. The members of the Leading Group will make solid efforts in line with the decisions and plans of the CPC Central Committee and the State Council and relevant requirements defined by the Leading Group. The Leading Group Office will strengthen planning and coordination, examine and coordinate work in all regions and key areas and industries on a regular basis, and scientifically put forward the timetable and road map for carbon dioxide peaking step by step so as to ensure the thorough and effective implementation of all targets and tasks.

2. Ensuring responsibility

Being fully aware of the importance, urgency, and complexity of initiatives related to carbon dioxide peaking and carbon neutrality, all regions and departments must take on responsibilities, work toward the goals and major tasks defined in this plan and in line with the Working Guidance for Carbon Dioxide Peaking and Carbon Neutrality in Full and Faithful Implementation of the New Development Philosophy, focus on the key targets and important tasks, and ensure all policies and measures are implemented effectively. The performance of all these tasks will be subject to central and provincial environmental inspections. In light of state plans, all relevant departments, people's organizations, and social groups should make full use of their strengths to promote green and low-carbon development.

3. Exercising strict oversight and assessment

We will implement a system for controlling both carbon intensity and total carbon emissions, taking the former as the priority. We will coordinate the management, allocation, and assessment of energy consumption and carbon emissions targets, and gradually develop a sound and comprehensive evaluation mechanism for peaking carbon dioxide emissions and achieving carbon neutrality. We will make better use of evaluation results, rewarding outstanding regions, organizations, and individuals for their contributions to achieving peak carbon dioxide emissions while holding accountable those regions and departments which fail to accomplish targets and tasks with circular criticisms and admonishment in accordance with laws and regulations. Governments of provinces, autonomous regions and municipalities directly under the central government will evaluate the performance of major peaking carbon dioxide emissions targets on an annual basis, and report promptly to the Leading Group on the ongoing progress and major issues.