Quick Review! Global ESG Information

The "Global ESG Information Quick Review" column will select and present the latest ESG-related news from both domestic and international sources each week and share the latest trends and developments in the global ESG field.

(1st period: February 3rd, 2025 - February 10th, 2025)

1. The Ministry of Ecology and Environment Revises the National VI Emission Standards for Light Vehicles

On February 3rd, the Ministry of Ecology and Environment initiated the revision of the National VI emission standards for light vehicles, with a focus on resolving issues such as software cheating by automotive enterprises, the absence of testing equipment for three-axle six-wheel models, and insufficient assessment of emissions from hybrid vehicles. The new regulations mandate that testing institutions seal and keep sample vehicles and control systems for future reference and strengthen the obligation of enterprises to report emission failure data on a monthly basis. This revision is aimed at filling regulatory loopholes and facilitating the green transformation of the automotive industry. Currently, the revision plan is soliciting public opinions.

Source：CAIJING.com.cn

2. The China Securities Regulatory Commission Issues the "Implementation Opinions on Doing Well the 'Five Major Articles' of Finance in the Capital Market."

On February 7th, the China Securities Regulatory Commission issued the "Implementation Opinions," proposing 18 measures, concentrating on five major fields: technology finance, green finance, inclusive finance, elderly care finance, and digital finance. In terms of green finance, the "implementation opinions" emphasize enriching the product and institutional system of the capital market to promote green and low-carbon transformation, supporting the development of new quality productivity, and facilitating the concentration of factor resources in areas such as technological innovation and green and low-carbon development.

Source: China Securities Regulatory Commission

3. The National Development and Reform Commission and the National Energy Administration Deepen the Market-oriented Reform of On-grid Electricity Prices for New Energy

On February 9th, the National Development and Reform Commission and the National Energy Administration jointly released a notice, promoting the full market formation of on-grid electricity prices for new energy. This reform is intended to enhance the efficient allocation of power resources, guide the healthy and orderly development of the new energy industry, and advance the construction of a unified national power market. After entering the market for trading, new energy will equitably bear the cost of power system regulation, and the value of all types of power sources will be more fully manifest.

Source: caixin.com

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4. Four Departments Release Guiding Opinions to Promote High-quality Development of New Energy Vehicle Insurance

On February 12th, the Financial Regulatory Authority and three other departments jointly issued the "Guiding Opinions," introducing 21 measures, including reducing the maintenance costs of new energy vehicles and establishing a risk-sharing mechanism for high compensation claims, aiming to address the difficulties in insuring new energy vehicles and the high premiums, and promoting the high-quality development of the new energy vehicle insurance market.

Source: ftchinese.com

5. The European Union May Exempt 80% of Enterprises from the Carbon Border Tax

On February 6th, the EU's climate policy chief indicated that the European Commission might exempt 80% of enterprises from the carbon border tax (CBAM), as 20% of enterprises contribute 97% of emissions. This move is designed to reduce the compliance costs for small enterprises while not influencing the EU's climate goals. The latest adjustment of CBAM reflects the regulatory logic of "focusing on the major and letting the minor off the hook."

Source: ftchinese.com

6. The Bezos Earth Fund Stops Supporting the "Science-Based Targets Initiative"

On February 5th, the Bezos Earth Fund announced the cessation of its support for the "Science Based Targets Initiative" (SBTi). The fund and the IKEA Foundation had jointly provided 61% of the funds for SBTi. Although the partnership had expired as planned, there are concerns that wealthy individuals are gradually moving away from climate-related undertakings.

Source: ftchinese.com

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7. The Lego Group Invests in Carbon Removal Projects

On February 4, 2025, the Lego Group announced a collaboration with Climate Impact Partners and ClimeFi, investing 19 million Danish kroner (approximately 2.6 million US dollars) in four carbon removal projects, covering technologies such as biochar and enhanced rock weathering. The family holding company behind Lego, KIRKBI, also committed to investing 5 million Danish kroner to drive the development of carbon removal technologies.

Source: LEGO.com