Industry Dynamics

In order to thoroughly implement the deployment of the Third Plenary Session of the Twentieth CPC Central Committee on energy reform, solve the increasingly urgent problems of regulation, consumption and supply protection of the new power system, and to address the emergence of distributed new energy sources, new energy storage, virtual power plants and smart microgrids and other new business entities in recent years, the National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) have planned ahead, and actively guided the development and issuance of the "Guiding Opinions on the Innovative Development of New Guiding Opinions on Supporting the Innovative Development of New Business Subjects in the Electricity Sector" (hereinafter referred to as "Opinions"), which indicates the development path of new business subjects in the market-oriented environment of electricity in the coming period of time, and is of great practical significance.

Between November 18 and 19, G20 leaders met in Rio de Janeiro, culminating in the G20 Leaders' Declaration of the Rio de Janeiro Summit. The declaration refers to support for efforts to triple the global installed renewable energy capacity and triple the global average annual rate of improvement in energy efficiency by 2030, through existing targets and policies and based on national circumstances, and accordingly support for the implementation of other zero- and low-emission technologies, including carbon abatement and removal technologies, by 2030.

On the afternoon of November 15, a side event on the theme of "Energy Saving and Carbon Reduction: China's Actions" was successfully held at the China Corner of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29).

On November 15, the Office for National Statistics (ONS) released October 2024 energy production.

On November 7, Premier Li Qiang attended the Eighth Leaders' Meeting on Greater Mekong Subregion Economic Cooperation in Kunming. The heads of government of Cambodia, Laos, Myanmar, Thailand and Vietnam and the President of the Asian Development Bank attended.

On November 5, at the 12th meeting of the Standing Committee of the 14th National People's Congress (NPC), commissioned by the State Council, Guan Zhiou, director of the State Forestry and Grassland Administration (SFAA), reported on the work of sand control and prevention to the NPC Standing Committee.

October 31, Liaoning Shenyang Municipal People's Government on the issuance of the National Carbon Peak Pilot (Shenyang) Implementation Plan.

October 31, the National Energy Board held a press conference, the National Energy Board Development Planning Department Deputy Director Dong Wancheng said that as of the end of July, the national wind power, solar power installed capacity reached 1.206 billion kilowatts, six years ahead of schedule to complete China's commitment to the Climate Ambition Conference, "by 2030 China's total installed capacity of wind power, solar power generation to reach more than 1.2 billion kilowatts " target. As of the end of September, the new installed capacity of wind power and solar power accounted for more than 80% of the total new installed power generation capacity.

Li Qiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, conducted research in Ningxia and Inner Mongolia from October 22nd to 24th. He emphasized the need to thoroughly implement the important instructions of General Secretary Xi Jinping on ecological environmental protection and national energy security, focusing on national strategies and overall needs, adhering to ecological priority, green development, based on resource endowment, give full play to the advantages of the characteristics, and solidly promote the construction of the "Three-North" protection forest system and other key ecological projects, and do a good job of energy security. Energy supply work, to provide a strong guarantee for high-quality development.

The International Renewable Energy Agency (IRENA) recently released the Renewable Energy Power Generation Costs 2023 report at the Global Renewable Energy Summit, suggesting that renewable energy remains highly competitive despite the return of fossil fuel prices to historic levels.