China unveils equipment renewal plan for energy sector

Chinese authorities on Wednesday unveiled an action plan to promote large-scale equipment renewals in the energy sector, as it moves towards achieving carbon reduction goals.

By 2027, China's equipment investment in key areas of the energy sector is expected to increase by more than 25 percent compared with 2023, according to the action plan jointly released by the National Development and Reform Commission and the National Energy Administration.

Measures detailed in the plan will focus on transformation of coal-fired power generation units, as well as equipment renewals and technological upgrading of wind power, solar power, hydropower and other areas.

Key tasks outlined also include promoting equipment renewals and technical transformation related to power transmission and distribution, and upgrading clean energy heating equipment.

To ensure implementation of the plan, China will step up fiscal, tax and financial support. Financial institutions will be encouraged to make good use of supporting policies and increase medium- and long-term loans to the manufacturing sector, according to the plan.

In March, the State Council released an action plan to promote the large-scale renewal of equipment and the trade-in of consumer goods, setting out a raft of key tasks in five categories.

The country has announced that it will peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.