ESG Weekly Report (Issue 30) | China to Accelerate the Establishment of a Dual Control System for Carbon Emissions; State Council Office: Promoting Financial Institutions to Gradually Implement Carbon Accounting and Sustainable Information Disclosure
### China to Accelerate the Establishment of a Dual Control System for Carbon Emissions
The government work report for 2025 emphasizes the proactive and steady advancement of carbon peaking and carbon neutrality. It aims to solidify the second batch of national carbon peaking pilot projects and establish zero-carbon parks and factories. The dual control system for carbon emissions will be constructed more rapidly, and the coverage of the national carbon trading market will be expanded across various industries. Efforts will be made to carry out carbon emissions statistics and accounting, establish a product carbon footprint management system, and implement a carbon labeling certification system to actively respond to green trade barriers. Additionally, the construction of the “Shagehuang” new energy base will be accelerated, promoting offshore wind power and coordinated development of local consumption and transmission channels. Pilot demonstrations for low-carbon transformation of coal-fired power will also be initiated, along with a comprehensive plan to address climate change and actively participate in global environmental and climate governance.
### State Council Office: Promoting Financial Institutions to Gradually Implement Carbon Accounting and Sustainable Information Disclosure
On March 5, the State Council Office issued guidelines on “Promoting Financial ‘Five Major Articles’” to provide high-quality financial support for the overall green transformation of economic and social development, as well as for building a beautiful China. The guidelines stress the need to first establish and then dismantle, improving the green finance system while coordinating support for green development and low-carbon transformation. This will ensure national energy security and robust backing for carbon peaking and carbon neutrality. The establishment of a green finance standard system will provide a basis for precise financial support. Financial institutions will be guided to incorporate green and low-carbon transformation factors into asset portfolio management, enriching green finance and transitional financial products and services. Furthermore, gradual implementation of carbon accounting and sustainable information disclosure by financial institutions will be promoted, alongside deepening international cooperation in green finance.
### National Voluntary Greenhouse Gas Emission Trading Market Completes Registration of First Batch of Certified Voluntary Emission Reductions
On March 6, the national voluntary greenhouse gas emission trading market completed the registration of its first batch of Certified Voluntary Emission Reductions (CCERs) on the same day. The registered CCERs were generated from offshore wind power and solar thermal power projects located in Jiangsu and Gansu, totaling 9.48 million tons of carbon dioxide equivalent. These reductions are expected to achieve an average annual greenhouse gas reduction of approximately 3.59 million tons of carbon dioxide equivalent over the next ten years.
### National Eco-Environmental Industry Workforce Exceeds 3.4 Million
On March 4, during the first collective interview of the third session of the 14th National Committee of the Chinese People’s Political Consultative Conference held in the Great Hall of the People, Huang Miansong, the general manager of the Intelligent Environmental Protection Division of the Capital Environmental Group, stated that as of the end of last year, the national eco-environmental industry workforce exceeded 3.4 million, with operating income surpassing 2 trillion yuan—an increase of nearly four times compared to a decade ago, making it a significant carrier of green productivity.
### Ministry of Ecology and Environment: Preventing “One-Size-Fits-All” in Ecological Environment Law Enforcement
Recently, the Ministry of Ecology and Environment issued “Opinions on Further Standardizing Ecological Environment Law Enforcement to Assist in Optimizing the Business Environment.” The document requires local ecological environment departments to explore a unified approach to law enforcement and service, combining baseline adherence with development promotion. It advocates for a gradual law enforcement model that includes public legal education, guidance, warnings, administrative penalties, and supervision and rectification. This aims to enhance proactive prevention before incidents, cautious consideration during law enforcement, and guidance for corrective actions afterward, while strictly preventing “one-size-fits-all” enforcement.
### Second Batch of Electric Vehicle Pilot Areas Launched in 10 Locations
Recently, the Ministry of Industry and Information Technology, along with the Ministry of Transport and six other departments, launched the second batch of pilot areas for the comprehensive electrification of public sector vehicles in ten locations, including Tianjin and Changzhou. The initiative supports the in-depth application of new technologies and models such as vehicle-grid interaction and smart networks. According to the work plan, the promotion of new energy vehicles will include official vehicles, taxis, and city buses, with an expected addition of over 250,000 new energy vehicles and the construction of more than 240,000 charging stations across these ten areas.
### “Aircraft Carrier-Level” Fund in the Venture Capital Circle
Recently, Zheng Zhanjie, director of the National Development and Reform Commission, revealed at the press conference on economic themes during the National Two Sessions that the country is promoting the establishment of a “carrier-level” national venture capital guidance fund. This fund aims to guide financial capital towards early-stage, small, long-term investments in hard tech, potentially attracting nearly 1 trillion yuan in local and social capital. The fund will focus on cutting-edge areas such as artificial intelligence, quantum technology, and hydrogen energy storage, investing in seed and startup enterprises through market-oriented approaches, while also supporting medium and small enterprises in their early to mid-stages. The goal is to encourage original and disruptive technological innovations and address key core technological challenges while nurturing strategic emerging industries and future industries.
### Insurance Funds to Participate in AIC Pilot Expansion
On March 5, the National Financial Supervision Administration issued a notice to further expand the pilot policies for equity investments by financial asset investment companies (AIC). The new policies will extend the pilot scope to the provinces of 18 pilot cities and allow insurance funds to take equity stakes in AICs.
### Pesticide Industry Launches Dual Carbon Information Disclosure Platform
Recently, the second China Pesticide Industry High-Quality Development Conference was held in Nantong, Jiangsu Province, organized by the China Pesticide Industry Association. During the conference, the world’s first public platform for the pesticide industry to jointly address climate change risks—the China Pesticide Industry Dual Carbon Information Disclosure Platform—was jointly launched by the association and Carbon Balance Technology, marking a new stage in the green transformation of the pesticide industry.
### Jiangsu: Aiming for a Green, Low-Carbon Circular Economy by 2035
Recently, the Jiangsu provincial government issued several policy measures to accelerate the comprehensive green transformation of economic and social development, aiming to establish a green, low-carbon circular economy by 2035 and fully enter a green and low-carbon development track. The measures focus on constructing a green low-carbon industrial system, accelerating the establishment of a clean low-carbon energy system, and promoting green upgrades of infrastructure across seven key areas.
### Taizhou Launches “Smart Brain” for Ecological Environment Supervision
Taizhou’s non-site ecological environment control platform passed acceptance testing at the end of last year and officially commenced operations this year. The platform integrates over 1.3 billion ecological data points for dynamic collection, scheduling, and classification management through a collaborative network of data, integration, and service platforms. Over the two months of its operation, the platform sent out 301,914 warning messages, conducted 93 non-site law enforcement checks, reduced environmental complaint volumes by 11%, and improved the efficiency of detecting violations by 20%.
### Suqian and Seven Departments Collaborate to Control Dust Pollution
Recently, the Suqian City Office of the Pollution Prevention and Control Command, along with seven other departments, issued the “2025 Suqian City Dust Pollution Control Special Action Implementation Plan.” This plan aims to conduct joint citywide dust remediation efforts. It mandates the establishment of a regulatory mechanism that tightly controls sources, processes, and outcomes to effectively manage construction dust pollution and reduce the exposure of bare land in reserve and idle plots.
### Zhenjiang: Targeting 1.35 Million Kilowatts for New Energy Storage and Pumped Storage by 2030
Recently, the Zhenjiang Development and Reform Commission released a draft for public opinion regarding the “Policies and Measures to Accelerate Comprehensive Green Transformation of Economic and Social Development.” The document outlines the integration of source, grid, load, and storage development, accelerating the construction of a new power system. It emphasizes the construction of a pilot park for this new power system application and the advancement of pumped storage projects, targeting a capacity of 1.35 million kilowatts for new energy storage and pumped storage by 2030.
### Suzhou Industrial Park: Subsidies for Distributed and BIPV Projects
On March 5, the Suzhou Industrial Park began collecting applications for photovoltaic and energy storage projects. The subsidy standards are as follows: 1) For distributed photovoltaic projects, a subsidy of 0.1 yuan per kilowatt-hour will be provided for one year based on generated electricity. 2) For building-integrated photovoltaic applications, a subsidy of 0.1 yuan per kilowatt-hour will be provided for three years. 3) For photovoltaic systems with energy storage, a subsidy of 0.3 yuan per kilowatt-hour will be granted for three years based on the discharged electricity.
### Bosideng Releases ESG Report
Bosideng has released its “2023/24 Fiscal Year Environmental, Social, and Governance (ESG) Report,” clearly stating its goal of achieving net-zero operational emissions by 2038. The report systematically discloses progress in green technology research and development, supply chain carbon reduction, and social responsibility. It shows that the company has received 971 patents and has donated over 1.4 billion yuan for public welfare, although it still faces challenges in disclosing key areas such as supply chain carbon emission tracking and biodiversity quantification.
### CATL to Collaborate with Quinbrook on 8-Hour Battery Energy Storage Technology in Australia
On March 6, Quinbrook Infrastructure Partners, a global sustainable energy infrastructure investor, announced its collaboration with CATL to develop an 8-hour battery energy storage project in Australia. The partnership aims to provide approximately 3 GW of new long-duration energy storage (LDES) technology, equivalent to 24 GWh of storage capacity across various locations in Australia, serving both existing partners and new commercial and industrial clients.
### Canadian Solar Secures Major Orders for Battery Storage Projects in the U.S.
On March 6, Canadian Solar’s subsidiary, Canadian Solar e-STORAGE, announced it has signed significant battery supply agreements and long-term service agreements for two battery storage projects with Aypa Power. The agreements include the supply and commissioning of a 160 MW (AC) / 806 MWh (DC) battery energy storage system in California and a 200 MW (AC) / 998 MWh (DC) system in Texas. The projects will deploy around 370 SolBank3.0 storage systems, with construction expected to begin in the third quarter of 2025.
### BYD Signs Energy Storage Supply Agreement in Poland
The Portuguese renewable energy company Greenvolt Group has signed an agreement with BYD Energy Storage for the development of a battery storage project in Poland with a capacity of up to 400 MW/1.6 GWh. Greenvolt Group announced on March 3 that the agreement, led by Greenvolt Power, covers two sites in Turosn Koscielna and Nowa Wies Elcka, each with a capacity of 200 MW/800 MWh. Construction has commenced, with the first phase involving substation infrastructure development. These projects are expected to be delivered by the fourth quarter of 2025 and have secured capacity market contracts in Poland with a delivery timeline set for 2028.
### Linyang Energy and China Energy Construction (Shanghai) Enter Strategic Cooperation Agreement
On March 6, China Energy Construction (Shanghai) signed a strategic cooperation agreement with Jiangsu Linyang Energy Technology Co., Ltd. The signing ceremony was held at the headquarters of Linyang Group. Following the ceremony, the delegation from China Energy Construction visited Linyang Energy’s energy storage system production base in Qidong and Yiwang Linyang’s energy storage cell production base to gain insights into Linyang’s advanced technologies and intelligent production lines in energy storage system integration and cell manufacturing.
### Zhaona New Energy Secures Millions in Angel Round Financing
Recently, Zhaona New Energy completed an angel round financing of several million yuan, led jointly by Jinbang Capital and Jinyuan Development Group, with Xuexian Capital also participating. Existing shareholder Jiangyin Talent Sci-Tech Innovation Angel Fund increased its investment as well. The successful financing reflects the capital market’s high recognition of Zhaona New Energy’s technical strength and development prospects in the field of all-solid-state sodium batteries, providing strong momentum for the company’s rapid growth.
### Envision Power’s 11.4 MW/23.883 MWh Commercial Energy Storage Project Officially Launched
On March 4, a groundbreaking ceremony was held for a commercial energy storage project developed by Zhongshu (Ningbo) Smart Energy Co., Ltd., in Jiangsu Province. Representatives from Zhongshu Energy and the enterprise attended the ceremony. Zhongshu Energy provides one-stop energy storage system solutions and will offer full lifecycle operations, management, and maintenance services for this project.
### Autowit (688516.SH) Plans to Acquire Partial Equity of Weintek and Gain Control
On March 7, Autowit (688516.SH) announced its intention to acquire a controlling stake in Wuxi Weintek Data Technology Co., Ltd. through a combination of equity transfer and voting rights delegation. The company plans to purchase 21.3043% of Weintek’s equity held by Ge Zhiyong and 9.9638% held by Li Wen, for a total amount of 18.76087 million yuan. Upon completion of the transaction, Ge Zhiyong and Li Wen will delegate their remaining 31.2681% voting rights to Autowit. After the transaction, Autowit will directly hold 31.2681% of Weintek’s equity, collectively controlling 62.5362%. This transaction constitutes a related party transaction but does not constitute a major asset reorganization.
### Runbang Co., Ltd. (002483.SZ) Executive Publicly Reprimanded for Violations
On March 7, Runbang Co., Ltd. (002483.SZ) issued a notice regarding its former shareholder receiving a corrective order from the Jiangsu Securities Regulatory Bureau. The announcement stated that Wang Chunshan, as a performance compensator, failed to compensate for unfulfilled performance commitments and was recently ordered to make corrections. On the same day, the Shenzhen Stock Exchange publicly reprimanded Wang Chunshan.
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