context: NDRC and other agencies issued 'Opinions on accelerating development of product carbon footprint management system' on 24 November 2023. The EU's CBAM (Carbon Border Adjustment Mechanism) is a signal that carbon is on the cusp of becoming a defining and influential factor in global trade.
In an explainer on its new Opinions on establishing a system for products' carbon footprint, NDRC highlighted the global trend of an increasing number of countries adopting carbon footprint accounting, evaluation and certification systems for key products. Numerous multinational corporations are also integrating product carbon footprints into their sustainable supply chain management prerequisites.
NDRC stresses the new Opinions seek to bolster
- industrial upgrading by promoting energy-saving measures and reducing carbon emissions among enterprises
- green consumption habits and expanding the availability of low-carbon products
- the competitiveness of PRC foreign trade products
The Opinions put forward five key tasks
- formulating product carbon footprint accounting rules and standards
- building a carbon footprint database
- a product carbon label certification system
- enriching product carbon footprint application scenarios
- promoting international connection and mutual recognition of carbon footprints
Supporting these tasks are policy measures including
- more policy R&D of carbon footprint accounting rules and standards
- encouragement of social capital to invest in commercial carbon footprint databases
- guidance for financial institutions to systematically implement an enterprise-level evaluation system focused on green and low-carbon criteria derived from product carbon footprints
- a specialised working group of product carbon footprint management experts to provide technical assistance for key tasks
- vocational training programs addressing carbon footprint-related aspects
- improving data quality to ensure accuracy and reliability
- measures to combat fraud, false claims and excessive standards
- strengthening intellectual property protection through dedicated institutions for dispute mediation, arbitration and notary services