China announced on Wednesday that it plans to construct a more extensive and consistent system of standards to assess carbon emissions by 2027. To achieve this, it will establish an initial carbon footprint management system.
The Ministry of Ecology and Environment, along with other key government bodies, released the plan. This system aims to advance China’s objective of being carbon neutral.
By 2027, it hopes to publish carbon footprint calculation criteria for roughly 100 important products; by 2030, that number will rise to 200.
Calculation standard releases for items such as coal, steel, natural gas, aluminum, lithium batteries, and new energy vehicles will be given priority.
The largest carbon emitter in the world intends to reduce the effects of Europe’s carbon border adjustment mechanism (CBAM), which would levy taxes on imports with high carbon content. Furthermore, it plans to extend carbon trading to industries including steel and cement.
Leading businesses should take the initiative, especially those engaged in international trade.
Chinese authorities have voiced concerns about CBAM, claiming it unfairly penalizes their country’s exporters. Additionally, they argue it fails to adequately account for China’s emission reduction efforts.
China unveiled a strategy on Wednesday to foster international cooperation in carbon footprint standards and cultivate mutual trust. Additionally, it will closely monitor global trade policies connected to carbon emissions.
Additionally, it declared that it would use the new requirements to promote low-carbon consumption. To support this, it advised local governments to create new laws and pilot programs that may persuade businesses and consumers to purchase cleaner goods.
China last week unveiled a separate plan to increase efficiency across the board, from steel manufacturing to transportation. This aims to cut the carbon dioxide emissions of important industries by around 1% of the country’s overall emissions by 2023.
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