Notice on Financial Support for Carbon Neutralization

Laws and Policies

CCLW

CCLW national policies

Opinions on financial support for carbon peaking and carbon neutrality

Released

This document provides guidelines on leveraging the role of fiscal policies to achieve the country's carbon peaking and carbon neutrality goals, set in 2021 in the "1+N" Action Plan. According to the guidelines, the country will update its financial policy framework by 2030 to support green and low-carbon development, notably making use of market mechanisms like carbon and pollution discharge trading.&nbsp;<br><br>According to its stated objectives, a first step in the enrichment of fiscal policy tools as well as the tax policy framework will be reached by 2025. This should cover all regions and industries. Before 2030, the fiscal and taxation policy system will be finalised, enabling the carbon-peaking threshold. A long-term mechanism to promote green and low-carbon development will be gradually established. Before 2060, the policy system of financial support for green and low-carbon development will enable to reach carbon neutrality.

Notice on Financial Support for Carbon Neutralisation

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives