High temperatures and droughts reduced output from hydropower in Sichuan province, while the heat caused residential demand to soar. Continued power exports further exacerbated the supply shortage.
On August 18, 2022, the Ministry of Science and Technology (MoST), along with nine other central departments, including the National Development and Reform Commission (NDRC), released the “Science and Technology Support Carbon Peaking and Carbon Neutrality Implementation Plan (2022-2030).”
On August 10, 2022, the list of climate investment and finance pilots was announced, and a total of 23 climate investment and finance pilots were approved.
On August 1, 2022, China’s Ministry of Industry and Information Technology (MIIT), National Development and Reform Commission (NDRC), and Ministry of Ecology and Environment (MEE) jointly released the implementation plan for carbon peaking in the industrial sector.
On July 29, 2022, the Green Bond Standard Committee released the “China Green Bond Principles”. The Principles are self-regulated frameworks for stakeholders’ reference to best practice of the Green Bond Market.
Covid measures and a slowing real estate sector lead to low demand growth in industry in the first half of 2022 but residential demand for power increased significantly. China added 44 GW of wind and solar energy in the first half of the year.
In June, the National Development and Reform Commission (NDRC) issued the 14th Five-Year Plan (FYP) for Renewable Energy, setting out quantitative targets for renewable energy that largely aligned with existing targets and policies.
On June 14, 2022, China released a new national climate change adaptation strategy to build resilience against global warming by 2035.
The Sustainable Finance Common Ground Taxonomy was officially launched by the International Platform on Sustainable Finance on June 3, 2022.
