EU Sets 90% Emissions Cut Target for 2040 with First 5% Int'l Carbon Credit Cap; China's NEA Releases 2024 Renewable Energy Monitoring Report
（2025/11/10—2025/11/16）
Author：Hao-Wang
International Energy News
1. EU Sets 90% Emissions Reduction Target for 2040, Introduces 5% Cap on International Carbon Credits
The European Council has formally adopted the revised European Climate Law, establishing a legally binding target to achieve a net 90% reduction in greenhouse gas emissions by 2040 compared to 1990 levels.
A key breakthrough of the new policy is the explicit allowance for member states to use high-quality international carbon credits to fulfill part of their obligations, capped at no more than 5% of the EU’s net emissions in 1990. This mechanism, set to take effect in 2036, aims to provide flexibility in meeting emission reduction goals while ensuring environmental integrity through stringent standards, avoiding a repeat of the quality inconsistencies seen during the Clean Development Mechanism (CDM) era.
Additionally, the policy demonstrates pragmatic considerations by postponing the official launch of the new carbon market (ETS2) for the building and transport sectors from 2027 to 2028, balancing transition costs with social equity. This revision reflects the EU’s commitment to climate ambition while seeking a balance between global carbon market collaboration and internal transition.
2.World’s Largest Integrated Wind-Solar-Storage Project Completes Turbine Installation, Boosting South Africa’s Energy Transition
The Oyama Hybrid Energy Project in South Africa recently completed the installation of all wind turbines, marking a critical milestone for the world’s largest integrated wind-solar-storage project under construction. Located at the border of the Western Cape and Northern Cape provinces, the project features 18 wind turbines, each with a capacity of 4.8 MW. The project team overcame numerous challenges, including high-altitude complex terrain and harsh weather conditions, to achieve high-precision installation.
Once operational, the project will integrate wind power, solar energy, and advanced energy storage systems. It is expected to generate approximately 570 million kWh of electricity annually, providing stable and reliable clean power to South Africa’s grid and effectively alleviating the country’s long-standing electricity shortages.
3. Uzbekistan Aims for 18-20 GW of Renewable Energy Capacity by 2030
Uzbekistan plans to develop a new-generation energy system by 2030, increasing its renewable energy capacity to 18-20 GW. According to the plan, over half of this electricity will come from solar and wind projects.
To achieve this goal, the country is actively expanding cooperation with international companies in areas such as critical mineral mining and processing, digital technologies, and the modernization of transportation infrastructure. By 2030, investments in the transportation infrastructure sector alone are expected to exceed $12 billion. Additionally, digital payment systems, digital academies, and entrepreneurial center networks will receive further development and funding support. Uzbekistan emphasized its commitment to providing a reliable cooperation environment for foreign investors to jointly advance its energy transition and economic development.
Domestic Energy News
1. NEA Releases 2024 Renewable Energy Power Development Monitoring Evaluation Results
On November 13, the National Energy Administration issued the "Notice on Issuing the 2024 National Renewable Energy Power Development Monitoring and Evaluation Results." The document stated that by the end of 2024, China's cumulative installed capacity of renewable energy power generation reached 1.889 billion kilowatts, a year-on-year increase of approximately 24.4%, accounting for 56.4% of the country's total power installed capacity. In 2024, renewable energy power generation reached 3.47 trillion kilowatt-hours, accounting for 35% of the total electricity consumption. The actual fulfillment rate of the national renewable energy power total consumption responsibility weight was 35.2%, an increase of 3.2 percentage points year-on-year, while the non-hydro renewable energy consumption responsibility weight reached 20.8%, a year-on-year increase of 2.7 percentage points.
The utilization rates of wind and solar power slightly declined, with the national average wind power utilization rate at 95.9% and the photovoltaic power generation utilization rate at 96.8%. The proportion of renewable energy transmitted via UHVDC lines increased to 56.8. Clean energy demonstration provinces such as Zhejiang and Sichuan continued to make progress, with Qinghai achieving the highest renewable energy consumption share at 77.2%.
2. Wuliangye Invests Over 40 Million Yuan in PV and Storage, Venturing into New Energy for Transformation
Recently, Wuliangye Group launched tenders for three new energy projects in Yibin, including energy storage stations and distributed photovoltaic projects, with a total investment of over 40 million yuan. This move marks the substantial implementation of its new energy strategy. Since establishing a specialized company in 2023 and investing in photovoltaic enterprises, Wuliangye has gradually built a closed loop from upstream technology investment to its own clean energy application. The "PV + energy storage" projects in its industrial park aim to reduce electricity costs in energy-intensive brewing processes, expecting significant energy-saving benefits.
Faced with slowing growth in the liquor industry and rising energy costs, Wuliangye’s venture into new energy is both a practical measure to reduce costs and improve efficiency and an exploration of a second growth curve, making it a typical example of green transformation in traditional industries.
3. New Energy Policy Boosts Sector Surge, Energy Storage Construction in Focus
The National Energy Administration recently released the "Guiding Opinions on Promoting the Integrated Development of New Energy," proposing that by 2030, integrated development will become a key approach for new energy. Boosted by this policy, the new energy index has rebounded by over 55% since early April this year, with related fund products showing significant recovery.
Industry experts interpret the opinions as marking a shift in new energy development from "emphasizing power generation" to "balancing power generation and consumption," which will directly benefit energy storage construction. It is expected that the proportion of energy storage allocation for new energy will increase. Meanwhile, the policy encourages expanding non-electric utilization pathways such as hydrogen, ammonia, and methanol to enhance the market competitiveness of new energy.
Looking ahead, public funds are optimistic about segments such as grid equipment, wind power equipment exports, and the lithium battery industry. Against the backdrop of industry "anti-involution" and global demand resonance, high-quality enterprises with technological barriers and global competitiveness still hold medium- to long-term investment value.
(Main news sources: CCTVNEWS APP, International Energy Network, China Energy Network, National Energy Administration, China Energy News)
