Illustration: Xia Qing/GT

The fourth plenary session of the 20th Central Committee of the Communist Party of China has made it clear that guided by our goals of achieving peak carbon and carbon neutrality, we should make concerted efforts to cut carbon emissions, reduce pollution, pursue green development and boost economic growth. Currently, China's drive for ecological civilization is at a crucial stage, facing overlapping challenges and heavy pressure. It is also a critical period for achieving the "dual carbon" goals and advancing high-quality development. Striving to achieve peak carbon before 2030 is not only a solemn commitment to the international community but also a strategic pivot for transforming China's economic structure and reshaping its competitive edge. For the 15th Five-Year Plan period (2026-30), China is pushing forward its carbon peaking agenda with determination, exploring a green and low-carbon development path with Chinese characteristics - one that carries profound theoretical, practical and global significance.

During the 14th Five-Year Plan period (2021-25), China has made solid progress in promoting a green and low-carbon transition, laying a strong foundation for achieving peak carbon. The energy mix has continued to improve; however, challenges remain significant. Against this backdrop, carbon peaking is not merely an environmental target but a systemic project of economic transformation, technological innovation and institutional reform, becoming the top priority for green development in the coming five years.

Carbon peaking and carbon neutrality are integral to Chinese modernization, carrying deep theoretical and practical implications. Achieving the carbon peak is an intrinsic requirement for promoting high-quality development. It accelerates the green transformation of traditional sectors, fosters the growth of strategic emerging industries and cultivates new drivers of economic growth. Furthermore, as the world's largest developing country, China's proactive commitment to the dual carbon goals demonstrates its role as a responsible major country. This move not only strengthens China's voice in global climate governance but also promotes the development of a green Belt and Road, providing valuable references for other developing countries seeking low-carbon development pathways.

In the short term, carbon peaking efforts will accelerate emission reductions in key sectors such as energy, industry and transportation, spurring a wave of green investment, job creation and technological innovation. In the long run, achieving carbon neutrality will reshape national competitiveness, drive a comprehensive green transformation of the economy and society, and realize modernization characterized by harmony between humanity and nature.

The next five years will be the sprint phase for achieving the carbon peak, requiring a focus on key areas and a more systematic policy approach. 

First, China must accelerate the establishment of a new energy system, vigorously develop renewable energy sources such as wind and solar power, and promote the construction of hydropower and nuclear power projects suited to local conditions. Efforts should be made to advance the layout of smart grids, as well as distributed energy and energy storage systems, to enhance the flexibility, stability and security of the power grid. China should also promote the development of the entire hydrogen energy industry chain, exploring the use of green hydrogen as a substitute in hard-to-abate sectors such as steel and petrochemicals. Meanwhile, reforms of the power system should be deepened, the green electricity trading mechanism improved, and both local consumption and cross-regional transmission of renewable energy encouraged.

Second, deep decarbonization in the industrial sector should be accelerated. Key industries should implement carbon peaking action plans, with the steel, cement and petrochemical sectors focusing on improving energy efficiency and advancing process innovation. Pilot and demonstration projects for carbon capture, utilization and storage (CCUS) should be promoted, and the electrification of industrial processes should be explored. The circular economy should be vigorously developed by promoting the reuse of industrial solid waste and establishing a green manufacturing system.

Third, efforts must be made to speed up the green transformation of transportation and construction. The development of new energy vehicles should be fully promoted, supported by an improved charging infrastructure network and the electrification of public transportation. Green shipping and low-carbon aviation should be encouraged. In the construction sector, green and ultra-low-energy buildings should be promoted, existing buildings upgraded for energy efficiency, and prefabricated buildings and green building materials developed.

Fourth, China should enhance the carbon sink capacity of its ecosystems. Major ecological protection and restoration projects should be implemented, with strengthened conservation and management of forests, grasslands, wetlands and oceans. Large-scale land greening efforts should be carried out scientifically, while improving carbon sink monitoring and accounting capabilities. China should also explore the establishment of a carbon sink trading mechanism to activate the "green bank" function of ecosystems.

China's sprint toward carbon peaking is not only a profound domestic transformation, but also carries broad global significance. As the world's largest developing country, China is advancing green transformation while maintaining economic growth - breaking the conventional notion that "development must come with high carbon emissions." China's innovations in renewable energy technology and ecological governance are becoming global public goods.

This sprint toward carbon peaking is not merely about addressing climate change; it is also about creating green value - a new engine of economic growth, a path toward modern governance and a safeguard for national security. This process embodies China's civilizational commitment to harmony between humanity and nature and contributes Chinese wisdom and solutions to global sustainable development. In the next five years, China will move forward with greater resolve to write a magnificent new chapter in green and low-carbon transformation, making a "Beautiful China" not only a reality, but also a beacon guiding the world toward a new era of ecological civilization.

The author is a professor at the School of Economics at Fudan University and director of the Center for Environmental Economics Research at Fudan University. opinion@globaltimes.com.cn