China’s New Carbon Evaluation Policy, a Shared Path

From Regulation to Opportunity, a Turning Point for EU–China Green Cooperation — How the Dual-Control Framework Can Align Standards, Drive Innovation, and Strengthen the Path Toward Global Carbon Neutrality
从监管到机遇：中欧绿色合作的转折点——“能耗+碳排”双控框架如何推动标准对接、驱动创新，并强化通往全球碳中和的共同之路

Introduction:
China’s new Administrative Measures for Energy Conservation Review and Carbon Emission Evaluation of Fixed Asset Investment Projects, which came into effect on September 1, 2025, marks a significant step forward in the country’s environmental governance. For the first time, carbon emission evaluation has been elevated to the same legal status as energy efficiency assessment, forming a “dual review” mechanism that integrates both energy and carbon control at the project approval stage.

This regulatory upgrade moves China from a soft carbon constraint to a hard requirement, signaling the country’s determination to strengthen carbon management at the source. The reform aims to prevent high-emission projects from bypassing environmental oversight while guiding investment toward low-carbon and innovative sectors.

For businesses — both Chinese and European — this transition introduces a new operating environment: one where compliance, technology innovation, and cross-border collaboration become the foundation for sustainable competitiveness.
引言
自2025年9月1日起正式实施的《固定资产投资项目节能审查和碳排放评估管理办法》，标志着中国在环境治理体系建设上的又一重大进步。此次改革首次将碳排放评估与能效审查并列为法定程序，在项目审批环节形成“能耗+碳排”双审查机制，实现了能源与碳管理的深度融合。

这一制度升级意味着中国从“软约束”迈向“硬要求”，彰显了国家在源头强化碳管理的决心。改革旨在防止高排放项目规避环境监管，同时引导社会投资流向低碳化、创新型领域。

对于中欧企业而言，这一转变不仅重塑了项目审批与合规的制度环境，也预示着新的竞争格局正在形成——以合规为前提、以技术创新为动力、以跨境协作为路径，构筑可持续竞争力的新基础。

The Shift Toward Systematic Carbon Management:
The new regulation is not an isolated measure but the result of five years of policy evolution under China’s “Dual Carbon” goals. It reflects the ongoing shift from energy consumption control to carbon emission control, addressing gaps in the previous “energy-saving review only” approach.

Under the new framework, all new, expanded, or modified investment projects in China must undergo both energy conservation and carbon emission evaluations before approval. This dual mechanism is particularly important for energy-intensive industries such as steel, cement, and chemicals, where process emissions—not just energy use—represent a significant share of total carbon output.

By embedding carbon accounting into early-stage project design, the policy ensures that emission intensity, mitigation measures, and regional carbon targets are integral to investment decisions. It effectively builds a “double valve” — one for energy efficiency and one for carbon control — tightening the gate for high-emission projects while incentivizing cleaner production.
迈向系统化碳管理的新阶段
此次出台的管理办法并非孤立举措，而是中国在“双碳”目标引领下历经五年政策演进的成果。它标志着监管重心正由单一的能源消费管控，向能源与碳排放协同管控转变，弥补了以往仅进行“节能审查”的制度缺口。

根据新框架，中国境内所有新建、改建、扩建的固定资产投资项目，均须在审批前同时完成节能审查与碳排放评估。这一“双审查”机制对于钢铁、水泥、化工等高能耗行业尤为关键——在这些领域，过程排放而非单纯的能源使用，往往占据总碳排放的相当比例。

通过将碳核算前移至项目设计阶段，政策确保碳排放强度、减排措施及区域碳目标成为投资决策的核心要素。换言之，这一机制为项目设置了“能源效率阀”和“碳排放阀”两道关口，从源头上收紧高排放项目的审批闸门，同时激励更清洁、更高效的生产方式。

Implications for European Enterprises in China:
For European companies operating or investing in China, this regulatory evolution introduces both challenges and opportunities.

1. Greater Alignment with Global Climate Governance: The dual-control system enhances China’s policy transparency and brings its regulatory framework closer to EU-style environmental assessment mechanisms, such as the EU Taxonomy and the Corporate Sustainability Reporting Directive (CSRD). This alignment creates a more familiar compliance environment for European firms and supports mutual recognition of carbon management practices.
2. Rising Demand for Low-Carbon Technologies:The new rules will stimulate demand for advanced technologies in energy efficiency, industrial decarbonization, and digital monitoring. European companies, long recognized for their strengths in process optimization, carbon capture, and renewable integration, can expand cooperation with Chinese partners in technology transfer, localized production, and joint R&D.
3. Opportunities in Carbon Services and Finance:As project-level carbon evaluation becomes mandatory, demand for carbon auditing, verification, and reporting will grow rapidly. European consultancies and financial institutions — many already active in emissions trading and ESG finance — can play a role in building China’s emerging carbon services ecosystem.

In short, while the regulation raises the threshold for project approval, it also strengthens the foundation for a more transparent, innovation-driven investment environment — one that rewards sustainability and partnership.
对在华欧洲企业的影响
对于在中国运营或投资的欧洲企业而言，此次监管升级既带来了新的挑战，也孕育了新的机遇。

1. 政策与全球气候治理体系更加接轨:“能耗+碳排”双控机制提升了政策透明度，使中国的监管框架更接近欧盟体系，如《欧盟可持续分类标准》（EU Taxonomy）和《企业可持续发展报告指令》（CSRD）。这种趋同为欧洲企业营造了更熟悉的合规环境，并为中欧在碳管理标准互认方面奠定了基础。
2. 低碳技术需求显著上升:新规将进一步刺激节能提效、工业脱碳和数字化监测等领域的技术需求。欧洲企业在流程优化、碳捕集、可再生能源整合等方面具有长期优势，可借此深化与中国伙伴的技术合作、联合研发及本地化生产布局。
3. 碳服务与绿色金融领域机遇涌现:随着项目层面的碳排放评估成为法定要求，碳审计、核查与报告等专业服务的需求将迅速增长。欧洲的咨询机构与金融机构——许多已活跃于碳交易与ESG金融领域——有望在中国新兴的碳服务生态体系中发挥重要作用。

总而言之，这一法规虽提高了项目审批门槛，却也为建立更加透明、以创新与可持续性为导向的投资环境奠定了坚实基础，一个以合作共赢为特征的新格局正在形成。

The European Dimension: A Shared Vision for Low-Carbon Growth:
From a European perspective, China’s move toward stricter carbon evaluation represents not only a domestic policy upgrade but also an opportunity for deeper cooperation. Both sides have committed to carbon neutrality — Europe by 2050, China by 2060 — and both seek to align industrial transformation with climate goals.

The EU has developed mature systems for project assessment, certification, and carbon data disclosure, which can complement China’s rapidly expanding regulatory framework. For example:

• The EU’s Delegated Actsunder RED III set clear standards for renewable hydrogen and sustainable fuels, which could serve as useful references for China’s industrial guidelines.
• Europe’s long experience with life-cyclecarbon accounting and digital tracking systems can support the professionalization of China’s carbon evaluation market.
• Joint initiatives under the EU–China Green Partnershipand the EU–China Energy Cooperation Platform (ECECP) can serve as policy bridges, facilitating mutual learning and best-practice exchange.

Such cooperation transforms the relationship from competition to co-creation — linking European expertise in standard-setting with China’s scale and implementation capacity.
欧洲视角：共建低碳增长新格局
从欧洲的视角来看，中国加强碳排放评估不仅是一项国内政策升级，也为中欧深化合作提供了新契机。双方均已作出碳中和承诺——欧洲目标为2050年、中国目标为2060年——并共同致力于将产业转型与气候目标相衔接。

欧盟在项目评估、认证体系与碳数据披露方面已建立起较为成熟的机制，可与中国快速完善的监管框架形成互补。例如：

• 欧盟《可再生能源指令Ⅲ》（RED III）下的授权法案为可再生氢能与可持续燃料设定了明确标准，可为中国相关产业指南提供有益参考；
• 欧洲在生命周期碳核算与数字化追踪体系方面的丰富经验，有助于推动中国碳排放评估市场的专业化发展；
• 中欧绿色伙伴关系（EU–China Green Partnership）及中欧能源合作平台（ECECP）等双边合作机制，可作为政策桥梁，促进互学互鉴与最佳实践的交流。

这种合作正在推动双方关系从竞争走向共创——将欧洲在标准制定方面的专业经验，与中国在规模化实施上的能力相结合，共同加速全球低碳转型的步伐。

A New Framework for Green Investment:
The dual-control mechanism not only introduces stricter evaluation standards but also redefines investment expectations across the economy. Projects must now demonstrate measurable contributions to regional emission reduction goals and adopt quantifiable mitigation measures.

For investors, this means that “green compliance” becomes a core determinant of financial viability. At the same time, the policy sends a strong signal to the market: capital should flow toward technologies and sectors that advance the low-carbon transition — from renewable hydrogen and energy storage to green building materials and electrified transport.

This shift will attract global capital seeking credible, rule-based green investment opportunities. European investors, in particular, will find an increasingly compatible regulatory environment in China — one that values carbon accountability and aligns with international ESG norms.
绿色投资新框架的形成
“能耗+碳排”双控机制不仅提高了项目评估标准，也重新定义了经济体系中的投资预期。今后，项目须在立项阶段明确展示其对区域减排目标的可量化贡献，并提出具体的减缓措施。

对投资者而言，“绿色合规”将成为衡量项目可行性与资金可得性的核心要素。同时，该政策向市场发出了明确信号：资本应加速流向推动低碳转型的技术与产业——从可再生氢能与储能技术，到绿色建材与电气化交通。

这一趋势将吸引更多寻求可信、规则化绿色投资机会的全球资本。尤其对于欧洲投资者而言，中国的监管环境正日益与国际ESG标准趋同，更加重视碳核算与环境责任，投资可预期性不断增强。

Building the Bridge: Toward Practical EU–China Cooperation
As China strengthens its domestic policy framework and Europe deepens its green transition, the two economies have an unprecedented opportunity to co-design and co-invest in low-carbon development.

• Technology Cooperation:joint research on industrial decarbonization, hydrogen, and carbon capture applications.
• Standard Alignment:mutual learning between EU sustainability frameworks and China’s carbon evaluation methodology.
• Green Finance:cross-border green funds supporting compliant projects in both markets.
• Knowledge Exchange:training, certification, and professional services to support regulatory implementation.

Through these channels, EU and Chinese stakeholders can collectively enhance the quality and integrity of global green investment — ensuring that policies translate into tangible emission reductions and shared economic growth.
共建之桥：迈向务实的中欧绿色合作
随着中国强化国内政策框架、欧洲加速绿色转型，两大经济体正迎来共创低碳发展的前所未有机遇。合作方向包括：

• 技术合作：联合开展工业脱碳、氢能及碳捕集等领域的应用研究；
• 标准互认：促进欧盟可持续发展体系与中国碳排评估方法的互学互鉴；
• 绿色金融：设立跨境绿色基金，支持符合标准的中欧项目；
• 知识交流：推动培训、认证与专业服务合作，助力政策落地与能力建设。

通过上述渠道，中欧各方可共同提升全球绿色投资的质量与公信力，确保政策真正转化为实质性减排成果与共享的经济增长动力。

Conclusion:
China’s new carbon evaluation policy represents a maturing phase in its climate governance — one that integrates environmental accountability into every stage of economic decision-making. For European and Chinese enterprises alike, it is not a constraint, but an opportunity to build competitiveness through innovation and partnership.

By combining Europe’s institutional experience with China’s implementation capacity, the two sides can reinforce each other’s strengths and jointly shape the future of sustainable industry.

The path ahead is clear: the dual-control framework will not only guide investment within China but also serve as a bridge for EU–China cooperation — aligning standards, accelerating innovation, and advancing the shared global objective of carbon neutrality.
结语
中国新出台的碳排放评估政策标志着其气候治理体系进入更加成熟的阶段——一个将环境责任全面嵌入经济决策全过程的新阶段。对于中欧企业而言，这不仅不是约束，而是通过创新与合作提升竞争力的新机遇。

通过结合欧洲在制度建设方面的经验与中国在执行层面的能力，双方能够形成优势互补，共同塑造可持续产业的未来格局。

前行的路径已然清晰：这一“能耗+碳排”双控框架，不仅将引导中国国内投资方向，更将成为中欧合作的重要桥梁——在标准互认、创新加速与碳中和目标实现的进程中，携手推动全球绿色转型。