China targets 17-pct cut in carbon intensity by 2030 under new climate plan

China aims to reduce carbon dioxide emissions per unit of GDP by 17 percent by 2030 from 2025 levels, according to a national climate change plan made public on Wednesday.

The plan, jointly issued by multiple government departments including the Ministry of Ecology and Environment, the Ministry of Foreign Affairs and the National Development and Reform Commission, outlines key climate goals for the 15th Five-Year Plan period (2026-2030).

During this period, China will make further progress in addressing climate change and achieving carbon peaking and carbon neutrality goals, said the plan.

The country will seek to build a transparent and internationally aligned voluntary greenhouse gas emission reduction trading market and basically establish a product carbon footprint management system by 2030.

China will strengthen monitoring and control of non-carbon dioxide greenhouse gases, and develop the capacity to reduce emissions by 30 million tonnes of carbon dioxide equivalent by 2030, the document noted.

Regarding cutting emissions in key sectors, China will implement a dual-control system for both total carbon emissions and carbon intensity, accelerate the development of a new energy system, expand non-fossil energy use, and promote the peak of coal and oil consumption.

"Carbon intensity, the amount of carbon dioxide emitted per unit of GDP, is set to decrease by 17 percent. This target is aligned with China's 2030 Nationally Determined Contribution, which commits to a 65 percent reduction in carbon intensity from 2005 levels. Having already met the goals set under the previous three five-year plans, China now needs to deliver the remaining 17 percent cut over the current five-year period. In practical terms, for every 10,000 yuan of GDP output, there is a corresponding level of carbon dioxide emissions. The efficiency gains represent measurable progress in China's shift to a greener, low-carbon development model," said Chai Qimin, director of the strategic planning department under the National Center for Climate Change Strategy and International Cooperation.

The U.S. Federal Reserve on Wednesday kept the target range for the federal funds rate unchanged at 3.5 to 3.75 percent, as widely expected by the market.

The move marks the Fed's fifth monetary policy meeting in a row with a wait-and-see stance, while expectations for an interest rate hike build up for the coming months.

Nevertheless, three members of the Federal Open Market Committee voted against the decision and preferred to raise the target range for the federal funds rate by 25 basis points.

The year-on-year growth rate of the U.S. headline consumer price index dropped to 3.5 percent in June from 4.2 percent in May as oil prices plunged in the period.

The United States continues to face elevated inflationary pressures in comparison with the Fed's 2 percent inflation target.