Sustainability Newsletter-May，2024
NO.1
State Council released the “Ecological Protection Compensation Regulations”, effective June 1, 2024
Effective June 1, 2024, the regulations comprise 33 items in six chapters, specifying details including the connotation of eco-compensation, the working principle and mechanism, fiscal compensation, compensation between regions, market-oriented compensation, and the enhancement of oversight and management. The regulations leverage market mechanisms and encourage enterprises, non-profit organizations, and local governments to engage in eco-compensation by purchasing ecological products and services in accordance with market rules.
NO.2
MEE promulgates the “Administration Measures on Pollutant Emission Permitting”
On April 1, 2024, the Ministry of Ecology and Environment promulgated the revised version of the “Administration Measures on Pollutant Emission Permitting”. The revised Measures will come into effect on July 1, 2024, which highlight the "full coverage" of pollutant discharge entities, environmental management components, and pollutant discharge management. The Measures detail the implementation of comprehensive permit management for entities discharging of air pollutants, wastewater, industrial solid waste, noise, and other pollutants, consolidating the "One Permitting Management” approach.
NO.3
SAMR and 6 other departments released the “Action Plan on Standards Improvement to Regulate Equipment Renewals and Consumer Goods Trade-ins”
According to the plan issued by 7 government departments, including the State Administration for Market Regulation (SAMR), China will formulate or revise 294 key national standards by 2025. These standards aim to promote equipment renewals, consumer goods trade-ins, and used goods recycling. The focus includes enhancing energy consumption and efficiency standards, pollutant emission standards, and low-carbon technical standards. Additionally, the plan aims to upgrade automobile and home appliance standards, boost emerging consumer standards, and develop green design, recycling, and second-hand product standards.
NO.4
PBOC and other 6 departments released the “Guidelines to Step Up Financial Support for Green Development”
According to the guidelines jointly released by several government departments including the People's Bank of China (PBOC), China aims to establish a world-leading financial support system for green development in the next five years and make policies more coordinated, effective and mature by 2035, with better resource allocation, risk management and market pricing. The guidelines detail measures to optimize the green finance standards system, introduce a restraint mechanism based on environmental information disclosure, and promote the development of green financial products and markets.
NO.5
State Council executive meeting approves “Action Plan on Energy Conservation and Carbon Reduction (2024-2025)” and “Work Plan on the Establishment of a Carbon Emission Dual Control System”
Chinese Premier Li Qiang on April 12 presided over a State Council executive meeting, approving the “Action Plan on Energy Conservation and Carbon Reduction (2024-2025)” and “Work Plan on the Establishment of a Carbon Emission Dual Control System”. These plans aim for a green transition of economic and social development by enhancing energy efficiency and optimizing energy structures. These plans integrate strategies that combine energy conservation and carbon reduction with the expansion of effective investment, renovation of old residential areas, equipment renewal, and trade-ins of consumer goods.
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