On October 24, 2021, the Central Committee of the Chinese Communist Party (CCCPC) and the State Council published an instructional note mapping some of China's ESG goals, including peak emission targets.
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On October 24, 2021, the Central Committee of the Chinese Communist Party (CCCPC) and the State Council published an instructional note mapping some of China's ESG goals, including peak emission targets.
The note (link in Chinese) – 'Advisory Regarding Cohesively, Precisely and Comprehensively Implementing Mindsets of ESG Development in Achieving Carbon Neutrality and Peak Emissions' – arranged the progress of China's carbon neutrality and peak emissions into three stages. According to the note, by 2025, China is going to develop an "early-stage sustainable socio-economic system." By 2030, carbon emissions in China will reach a peak. Three decades later, by 2060, non-fossil energy is projected to compose 80% of the national energy mix.
Besides setting national goals, the note also provided prospects for some industries. On one hand, it encouraged sustainable finance and renewable energy power grid to take up a larger share in the economy. On the other hand, the note puts limitations on the high carbon emission industries, such as coal-based power and steelmaking.