A Volkswagen logo is seen on a steering wheel as it launches its ID.6 and ID.6 CROZZ SUV at a world premiere ahead of the Shanghai Auto Show, in Shanghai, China April 18, 2021. REUTERS/Aly Song
The shift has happened fast, catching some global automakers and state-owned Chinese manufacturers flat-footed., for example, only began counting the cost of Chinese green car credits in 2020 when executives realised they needed more to comply with the requirement for the year, sources familiar with the matter said.
China has had a green-car credit system since 2017 but fuel-efficiency standards tightened significantly last year and many manufacturers failed to comply, according to preliminary 2020 credit data published by MIIT.
China will need many more coal powered power stations.
What a great system to spark change in a carbon emitting industry. POTUS JustinTrudeau EmmanuelMacron Why not copying China on this one if you're serious about ClimateEmergency? ClimateAction