Hainan FTP promotes 'double carbon' efforts

Hainan Free Trade Port is seizing the opportunity of "dual carbon" development to explore a low-carbon development path, with the dual goal of achieving peak total carbon emissions and fostering high-quality economic development.

"Double carbon" refers to the two-stage carbon emission reduction goal proposed by China, in which it will strive to reach peak carbon dioxide emissions in 2030 and achieve carbon neutrality in 2060. The Hainan FTP's "dual carbon" development goal meets its mutually beneficial aim of achieving high-quality economic development and ecological environment improvement.

Under the "dual carbon" goal, the development of high-energy-consumption and high-emission industries, such as petrochemicals and building materials, will be strictly restricted, while backward production capacity industries will be gradually reduced and eliminated.  Conversely, low-carbon emerging industries and service industries, such as low-carbon manufacturing, tropical high-efficiency agriculture, the internet industry, and the marine economy, will accelerate their development.

In addition, the "dual carbon" goal has attracted a large amount of green investment demand for Hainan. There are three new investment needs, namely non-fossil energy investment, such as wind power and photovoltaic energy, technological transformation investment for clean energy equipment and low-carbon emission equipment, as well as technological investment in green, low-carbon, and zero-carbon fields.

To achieve the goals of carbon peaking and carbon neutrality, it is necessary to promote low-carbon energy transformation, as well as to control and reduce fossil fuel consumption.

Hainan will promote technological innovations, such as new power systems, energy storage, and long-distance power transmission. It will also promote carbon capture, utilization, and storage technologies, as well as reduce corporate investment and operating costs through commercialization. A clear carbon emission statistical accounting system and method will be introduced so that regions can further consolidate the existing data and formulate the next stage of work goals more scientifically and rationally.