![[#4] More green methanol projects are being approved in May](https://images.unsplash.com/photo-1513069916672-918ea0e44870?crop=entropy&cs=tinysrgb&fit=max&fm=jpg&ixid=M3wxMTc3M3wwfDF8c2VhcmNofDF8fGdyZWVuJTIwZmFjdG9yeXxlbnwwfHx8fDE3MTYxNDM2NDF8MA&ixlib=rb-4.0.3&q=80&w=1200)
Hello everyone,
Happy Sunday! Hope you're all doing well. This week, we've got some more updates from China on their green initiatives. From ramping up energy efficiency in high-consumption industries to rolling out forward-thinking recycling and trade-in programs, it's clear there's a big push to go greener. Let’s get into the details and see what’s new!
Approved Green Methanol Projects
First up, big news from the National Development and Reform Commission (NDRC). They've set a firm deadline for high energy-consuming industries to either upgrade or shut down by the end of 2025. This directive especially impacts the coal-to-methanol sectors. On the heels of this policy, green methanol is getting a lot of attention and investment. This year alone, over 20 green methanol projects have either been signed off or submitted for approval. Check some of the projects here:
National Recycling and Trade-In Programs Take a Leap Forward
Meanwhile, the Ministry of Commerce and the Ministry of Finance have issued a new notice aiming to improve the recycling system for appliances and furniture, especially in smaller towns and counties.
- They are setting up better recycling and transfer stations to make it easier to manage old items.
- They also plan to encourage local shops in town centers to offer services like recycling, selling second-hand appliances, and doing repairs.
- Plus, they’re pushing for companies to get collection vehicles and use mobile recycling methods to pick up old appliances right away.
The provinces need to include these improvements in their local plans and submit detailed proposals by the end of May 2024. This initiative is expected to streamline how resources are reused and support businesses that excel in recycling. Read more below:
Sichuan's Ambitious Environmental Blueprint
In Sichuan, the local government has unveiled the "Implementation Plan for Promoting Large-Scale Equipment Renewal and Trade-In of Consumer Goods." They aim to implement actions by 2027 to update industrial, agricultural, construction, and transportation equipment, and promote trade-ins for cars and household appliances.
The plan also includes improving recycling networks and promoting the remanufacturing of high-end equipment like wind turbines and solar panels, enhancing both resource sustainability and economic efficiency. Read in detail below:
Setting New Standards in the Lithium Battery Sector
Transitioning to industry-specific news, the Ministry of Industry and Information Technology (MIIT) has released draft versions of new standards for the lithium battery industry. These guidelines are designed to encourage companies to focus on technological innovation, enhance product quality, and reduce production costs. Key mandates include ensuring companies have independent production, sales, and service capabilities, and commit at least 3% of their main business income annually to R&D. Read more below:
Cathay Capital and Dajia Insurance Boost New Energy Infrastructure
On May 16, 2024, Cathay Fund, in partnership with Dajia Investment Holding Co., Ltd., established the Cathay New Energy Infrastructure Fund and signed a cooperation agreement with TotalEnergies. This partnership marks the first collaboration with the industry in China focused on investing in distributed photovoltaic (PV) and energy storage assets for the commercial and industrial sectors. It also represents the first significant entry by a Chinese insurance fund into this field.
The joint venture company, Jingdan New Energy Investment (Shanghai) Co., Ltd., will leverage existing distributed PV assets that span across 18 provinces in China. These assets include over 200 clients in industries such as automotive, manufacturing, consumer goods, and food. The venture will continue to acquire high-quality assets and expand its customer base both domestically and internationally, aiming to increase the current installed capacity from 500 megawatts (MW) to 1.5 gigawatts (GW) by 2028. Read more here.
Yipu Technology Secures Significant Funding
Yipu Technology, a green energy solution provider, recently secured a multi-million yuan Series A funding led by Zhineng Capital. The investment will advance the development of their new generation alkaline electrolyzers and composite control technology, aimed at reducing costs and enhancing efficiency in hydrogen production.
Founded in 2020, the company is testing its latest technology in Suzhou and plans to deploy it in a large-scale hydrogen metallurgy project with a top domestic steel company. Additionally, their innovative hydrogen control technology has been operational for two years at Baowu Group's Shaoguan Iron and Steel, demonstrating stable performance and significant potential for future upgrades. Read more here.
That’s all for this week! Let’s keep the conversation going and continue to support our global push for a greener tomorrow.
