China's State Council released a new carbon peaking action plan that sets a target for new energy vehicles to make up 30% of the total vehicle fleet by 2030. The plan also aims for new energy commercial transport vehicles to hit 25% of the fleet. This would require more than doubling the current NEV fleet of roughly 44 million units. The policy includes expanding charging infrastructure, building zero-carbon road corridors, and pushing electrification in heavy trucks, ports, and airports. Beyond transport, the plan targets a 17% cut in CO2 emissions per unit of GDP from 2025 levels and wants non-fossil energy to reach 25% of total consumption by 2030. It calls for wind and solar capacity to exceed 2.8 billion kilowatts, nuclear capacity of 110 million kilowatts, and new energy storage of 300 million kilowatts. The plan also aims for 100 zero-carbon parks and 500 zero-carbon factories, plus a national low-carbon transition fund to steer private capital into decarbonization projects.
