China’s National Development and Reform Commission(NDRC) has announced a special fund of up to RMB100m (USD13.8m) to support the development of emerging emissions reduction technologies, as reported by Bloomberg on April 9. According to a policydocument issued by the NDRC, the program will support the “construction of projects with leading technological levels” and “outstanding emission reduction effects.”Eligible projects range from large-scale carbon capture to initiatives that improve energy efficiency or carbon intensity in key industries such as petrochemicals, steel, data centers, and construction. In addition, the fund will cover the recycling or reuse of products including industrial waste, steel scrap, and decommissioned renewable energy equipment.

The new fund forms part of China’s efforts to facilitate progress in advanced green and low-carbon technologies. Under China’s 14th Five-Year Plan (2021-2025), it aims to lower the national energy intensity by 13.5% and emissions intensity by 18% over the five years. To meet these targets, the NDRC committed in March to “redouble efforts” this year in cutting emissions and boosting energy efficiency. Specifically, the government will allocate part of its budget to fund pilot projects featuring advanced green and low-carbon technologies, including non-fossil energy usage, advanced power grids, energy storage, and green hydrogen. These initiatives can pave the way for China’s 2060 carbon-neutral goal and further strengthen its leading position across various green manufacturing sectors such as electric vehicles (EV), wind and solar energy, and batteries.

Sources:

https://www.bloomberg.com/news/articles/2024-04-09/china-funding-aims-to-spur-climate-technology-breakthroughs

http://www.ce.cn/cysc/stwm/gd/202404/09/t20240409_38963564.shtml

https://www.scmp.com/business/article/3232034/chinas-central-government-plans-more-funding-low-carbon-technology-projects-extend-global-green-tech

https://www.reuters.com/business/energy/china-sets-tougher-energy-efficiency-goal-after-falling-behind-2025-targets-2024-03-05/