Recently, two policies regarding carbon emissions accounting have been issued, one related to the carbon emissions statistical accounting system, and the other one related to carbon footprint accounting standards.
Work Plan to Strengthen the Carbon Emissions Statistical Accounting System
On 23 October 2024, the National Development and Reform Commission (NDRC) and other ministries jointly issued the “Work Plan to Strengthen the Carbon Emissions Statistical Accounting System”. The plan outlines a two-phase approach to enhance the robustness and accuracy of carbon emissions data and to strengthen regulatory oversight and management of emissions across sectors and regions.
Phase 1 (2023-2025) will focus on building a robust data foundation through annual reporting systems and establishing a national greenhouse gas (GHG) emission factor database. These measures aim to support China’s nationwide dual-control measures for carbon intensity and total emissions.
During Phase 2 (2026-2030) a comprehensive carbon accounting system shall be established to improve data accuracy, meet regulatory needs, and ensure effective control and oversight of emissions at all levels.
Key tasks include refining carbon accounting systems at regional, industry, corporate, and product levels; establishing mechanisms for project-based accounting and reduction; promoting advanced methodologies and international collaboration; and further refining the national GHG emission factor database.
The plan underlines China’s commitment to strengthening its emissions monitoring and management framework, providing a critical foundation for achieving its carbon peaking and neutrality goals.
Guidelines for the Formulation of Carbon Footprint Accounting Rules and Standards for Key Industrial Products
On 2 November 2024, The Ministry of Industry and Information Technology of China (MIIT) issued the “Guidelines for the Formulation of Carbon Footprint Accounting Rules and Standards for Key Industrial Products”. This comes in response to the Chinese government’s policy to develop a carbon footprint accounting system for key industrial products promulgated in May 2024. The introduction of standards aims to accelerate the low-carbon transformation of industries, improve carbon emission management, and contribute to the achievement of China’s targets to peak carbon emissions by 2030 and reach carbon neutrality by 2060.
By 2027, China plans to introduce carbon footprint accounting rules and standards for key industrial products, covering industries with high international trade volumes and significant emission reduction potential, such as steel, non-ferrous metals, petrochemical, construction materials, new energy vehicles, lithium batteries, fertilisers, and electronics. Compared to the original announcement earlier this year, the development of standards will be faster than planned. The policy in May indicated the development of 100 standards by 2027 and 200 standards by 2030, while the new guidelines aim to provide all 200 standards by 2027.
The rules and standards will be developed by MIIT in cooperation with relevant departments, industry associations, leading enterprises, and research institutions. Initially, they will provide a list of group standards to offer businesses and organisations standardised carbon accounting rules and criteria for pilot implementation. Later, well-established group standards will be gradually converted into industry or national standards.
The formulation of standards will align with the national standard “Quantification Requirements and Guidelines for Greenhouse Gas Product Carbon Footprints” (GB/T 24067) and be coordinated with internationally recognised standards to ensure compatibility.
Original policy: Work Plan to Strengthen Carbon Emissions Statistical Accounting System
