In September 2020, China updated its nationally determined contribution targets which aim to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060, giving China a gap of about 30 years between the two targets.In comparison, the gap for the EU will be 71 years, the United States 43 years and Japan 37 years.
China is a firm believer in honoring its words with actions. It has translated its pledges on carbon emissions peaking and carbon dioxide neutrality into concrete actions:
When addressing the COP15 gathering on biodiversity held in Kunming, China, during 11–15 October 2021, Chinese President Xi Jinping stated that China would “put in place a ‘1+N’ policy framework for carbon peak and carbon neutrality.”
“1” refers to the long-term approach to combating climate change, which is well documented in The Working Guidance for Carbon Dioxide Peaking and Carbon Neutrality in Full and Faithful Implementation of the New Development Philosophy issued on October 24. China aims to gradually increase the share of non-fossil energy consumption to around 20 percent by 2025, around 25 percent by 2030, and over 80 percent by 2060.
On October 27, The State Council Information Office of the People's Republic of China on Wednesday released a white paper titled "Responding to Climate Change: China's Policies and Actions."
On October 29 China submitted two documents on its nationally determined contributions (NDCs) and long-term emission control strategies to the secretariat of the United Nations Framework Convention on Climate Change: "China's Achievements, New Goals and New Measures for Nationally Determined Contributions" and "China's Mid-Century Long-Term Low Greenhouse Gas Emission Development Strategy".
“N” refers to solutions to achieve peak carbon emissions by 2030, starting with the Action Plan for Carbon Dioxide Peaking Before 2030 issued on October 26.
On November 8, The People's Bank of China (PBOC), the nation's central bank, said that it has rolled out a supporting tool for carbon reduction as part of efforts to facilitate the country's goal of carbon neutrality. The bank will provide low-cost loans for financial institutions through the carbon-reduction supporting tool, and will guide those institutions to provide loans to firms in key carbon-reduction fields on the premise of independent decision-making and risk-taking.
"N" will continue to be released as specific implementation plans for key areas such as energy, industry, construction and transport, and for key sectors such as coal, electricity, iron and steel, and cement, coupled with supporting measures in terms of science and technology, carbon sink, finance and taxation, and financial incentives.