[{"bbox": [97, 152, 1133, 204], "category": "Text", "text": "Five-Year Plan (2021-2025). His declaration set the ground for more ambitious climate policies for the country for the next decades."}, {"bbox": [97, 218, 1133, 325], "category": "Text", "text": "In December 2020, China also announced that it would enhance its Nationally Determined Contribution (NDC) under the Paris Agreement for 2030, including reducing its CO2 emissions intensity per unit of GDP by more than 65% from the 2005 level, increasing the share of non-fossil fuels in primary energy consumption to around 25% and expanding the total installed capacity of wind and solar power to over 1.200 gigawatts."}, {"bbox": [97, 337, 1133, 390], "category": "Text", "text": "China has shared concerns about the impact of the EU's Carbon Border Adjustment Mechanism (CBAM). A more efficient ETS in China would alleviate those concerns since the potential impact of CBAM would decrease."}, {"bbox": [97, 402, 1133, 748], "category": "Text", "text": "While emissions trading in the EU is already the centrepiece of climate policy actions, China is expected to enhance its Emission Trading System as part of its 15th Five Year Plan (2026-2030). While the interaction and role of the different policies pursued by the Chinese national government (e.g. ETS, reform of the electricity market, renewable portfolio standard, etc.) to peak and ultimately decarbonise the Chinese economy may not yet be fully clear or decided, the potential of emissions trading in the overall policy portfolio is huge and is expected to benefit from ongoing efforts such as the reform of the electricity market. This Action aims at improving the functioning of the Chinese ETS and its carbon market, based on the EU's experience and best practices. It has the potential to contribute to levelling the playing field between the EU and China with respect to efficient peaking of GHG emissions and subsequent effective reduction on the way to decarbonise the Chinese economy. The Action will also feed into discussions of the EU-China ETS Policy Dialogue. The outcomes of this dialogue may provide further guidance to identify additional important sectors or topics to address in this area. In addition, synergies will be ensured wherever relevant with other EU initiatives such as the Climate Dialogues/Strategic Partnerships for the Implementation of the Paris Agreement (SPIPA)."}, {"bbox": [97, 761, 281, 785], "category": "Section-header", "text": "## Main stakeholders"}, {"bbox": [97, 788, 289, 812], "category": "Text", "text": "On the Chinese side:"}, {"bbox": [134, 820, 1133, 900], "category": "List-item", "text": "- Ministry of Ecology and Environment (MEE), provincial and municipal ecological and environmental bureaux, public institutions affiliated to MEE responsible for the formulation and implementation of ETS rules and regulations;"}, {"bbox": [134, 901, 1122, 928], "category": "List-item", "text": "- Local authorities in charge of ETS implementation especially regarding MRV and allowance allocation;"}, {"bbox": [134, 929, 1090, 955], "category": "List-item", "text": "- Industry associations and companies engaged in the ETS process in China at central and local levels;"}, {"bbox": [134, 956, 545, 981], "category": "List-item", "text": "- Chinese ETS registry and trading centre;"}, {"bbox": [134, 982, 807, 1008], "category": "List-item", "text": "- Academia, think tanks, NGOs that are active on ETS-related policies."}, {"bbox": [97, 1015, 245, 1039], "category": "Text", "text": "On the EU side:"}, {"bbox": [134, 1047, 1110, 1075], "category": "List-item", "text": "- European Commission, EEAS, MEPs and Member State Officials involved in EU policy development."}, {"bbox": [86, 1129, 603, 1161], "category": "Section-header", "text": "# 3 DESCRIPTION OF THE ACTION"}, {"bbox": [86, 1194, 508, 1226], "category": "Section-header", "text": "## 3.1 Objectives and Expected Outputs"}, {"bbox": [97, 1240, 1133, 1295], "category": "Text", "text": "The **Overall Objective** of this action is to support China in advancing and further developing its Emissions Trading System (ETS) towards a cost-effective tool to reduce emissions."}, {"bbox": [97, 1305, 551, 1333], "category": "Text", "text": "The **Specific(s) Objective(s)** of this action are to:"}, {"bbox": [173, 1333, 1133, 1386], "category": "List-item", "text": "1. Ensure a more robust and solid framework for MRV of GHG emissions in the CN ETS (including for new industrial sectors expected to be added), based on the EU experience and best practices."}, {"bbox": [173, 1387, 1133, 1437], "category": "List-item", "text": "2. Support discussions and relevant actions to implement the emissions reduction potential under a cost-effective national ETS in China"}, {"bbox": [97, 1439, 1023, 1467], "category": "Text", "text": "The **Outputs** to be delivered by this action contributing to the corresponding Specific Objectives are:"}, {"bbox": [173, 1466, 1133, 1519], "category": "List-item", "text": "1.1 Increased knowledge of relevant rules and developments in the EU ETS among Chinese stakeholders (contributing to Specific Objective 1)"}, {"bbox": [173, 1519, 1133, 1599], "category": "List-item", "text": "1.2 Increased capacity of Chinese authorities, verifiers and industries to implement and apply robust MRV rules for the reliable operation of the nation-wide ETS, based on EU best experience (contributing to Specific Objective 1)"}, {"bbox": [1038, 1681, 1143, 1706], "category": "Page-footer", "text": "Page 5 of 17"}]