Investing

China raises EV ambitions with 30% fleet target by 2030

China has unveiled a new carbon-peaking action plan that targets new energy vehicles (NEVs) accounting for 30% of the country’s total vehicle fleet by 2030, marking a significant step in the electrification of the world’s largest automobile market.

The State Council on Thursday released the “15th Five-Year Plan” Carbon Peaking Action Plan, outlining the country’s roadmap to peak carbon emissions before 2030.

The latest target indicates that China’s existing NEV fleet will need to more than double over the next five years.

NEV fleet target raises electrification ambitions

According to data from China’s Ministry of Public Security, the country’s NEV fleet reached 43.97 million units by the end of 2025, representing 12.01% of the total vehicle stock.

Battery electric vehicles (BEVs) accounted for 30.22 million units, making up 68.74% of the overall NEV fleet.

In addition to passenger vehicles, the action plan sets a target for new energy commercial transport vehicles to account for 25% of the fleet by 2030.

The document also calls for faster electrification across the public sector.

It proposes promoting the use of new energy vehicles at construction sites, mines, ports, and airports while supporting the large-scale adoption of new energy-powered heavy trucks.

Infrastructure expansion to support adoption

To support wider NEV deployment, the plan proposes expanding refueling and charging infrastructure across the country.

The roadmap includes improvements to charging stations, battery-swapping facilities and refueling infrastructure for green hydrogen, ammonia and methanol.

It also focuses on developing zero-carbon road transport corridors along national expressways and major highways with heavy freight traffic.

The plan further proposes building zero-carbon waterway corridors while promoting vessels powered by electricity, liquefied natural gas, biodiesel, and green methanol.

Broader clean energy targets

Beyond transportation, the action plan outlines several energy transition goals for 2030.

It targets a 17% reduction in carbon dioxide emissions per unit of gross domestic product compared with 2025 levels.

It also aims for non-fossil energy to account for 25% of total energy consumption by 2030.

In 2025, non-fossil energy sources, including wind, solar, hydro, and nuclear power, accounted for 21.7% of China’s total energy consumption.

The plan proposes expanding installed wind and solar power capacity to more than 2.8 billion kilowatts by 2030.

It also targets operating nuclear power capacity of approximately 110 million kilowatts.

Energy storage is another focus area.

The roadmap aims for installed capacity of new energy storage to reach 300 million kilowatts, while pumped-storage hydropower capacity is expected to increase to around 160 million kilowatts.

During the 15th Five-Year Plan period, China also plans to ensure that incremental electricity demand is increasingly met through additional clean energy generation.

Industrial decarbonization and investment measures

The action plan also outlines broader industrial and investment initiatives to support China’s carbon reduction goals.

It proposes building around 100 national-level zero-carbon parks and approximately 500 zero-carbon factories during the 15th Five-Year Plan period.

The roadmap also calls for strengthening the competitiveness of industries including new energy, NEVs and power batteries while cultivating emerging sectors such as hydrogen energy and green fuels.

To support the transition, the plan proposes establishing a national low-carbon transition fund aimed at guiding private capital toward carbon peaking and carbon neutrality projects.

The post China raises EV ambitions with 30% fleet target by 2030 appeared first on Invezz

You May Also Like

Latest News

A fast-moving wildfire reached the outskirts of Marseille, France’s second-largest city, on Tuesday, leading its airport to be shut down, with residents told to...

Latest News

Doctors in Gaza say they were forced to cram multiple babies into one incubator as hospitals warned that fuel shortages are forcing them to...

Latest News

Former South Korean President Yoon Suk Yeol is back in custody over an independent investigation into his declaration of martial law last year. According...

Latest News

US President Donald Trump praised Liberian President Joseph Boakai for his strong grasp of the English language on Wednesday. But the African leader was...

Disclaimer: Pertxpert.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 pertxpert.com