The Ministry of Industry and Information Technology (MIIT) said it will work with relevant departments to speed up the establishment of a sound carbon emission standard system for automobiles.

The MIIT will establish a life-cycle carbon emission standard system that includes vehicles, key components, vehicle materials, fuels and comprehensive use of resources, it said in response to a proposal.

It will continue to optimize energy-saving tax management, increase the promotion of new energy vehicles and promote the green and low-carbon development of the entire automotive industry chain and life cycle.

These actions aim to contribute to the goal of carbon peaking and carbon neutrality in the transportation sector, the MIIT said.

The MIIT will also further improve the management system for the recycling of new energy vehicle power batteries, and accelerate the release of national standards including gradual utilization requirements, product identification and discharge specifications.

China's carbon neutrality goal will require an investment of approximately RMB 136 trillion ($21 trillion), which is a huge market, said Xie Zhenhua, China's special envoy for climate change affairs, at the Global Asset Management Forum 2021 Beijing Summit.

It will take about 60 years for the EU and 45 years for the US to move from peak to zero carbon emissions, while China will strive to move from peak to zero carbon emissions in about 30 years, Xie said.

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