China will establish a national fund for low-carbon transition as part of its efforts to boost the green and low-carbon economy, according to a draft government work report submitted to the fourth session of the 14th National People's Congress for deliberation.

The fund will be used to foster new growth drivers such as hydrogen power and green fuels, the draft report reveals. It also outlines a series of other measures to promote low-carbon transition.

For example, the country will improve policies for promoting green and low-carbon development, launch initiatives for upgrading quality, lowering costs, and reducing carbon emissions in key industries, and drive forward the development of zero-carbon industrial parks and factories, it notes.

While exercising tight and effective regulation over energy-intensive and high-emission projects, the country will also accelerate efforts to phase out outdated production capacity and support innovation and application of green and low-carbon technologies and equipment. The systems for total resource consumption control and comprehensive resource conservation will be improved, and recycling of recyclable materials will be stepped up, it continues.

The draft report highlights measures to promote the climate targets of peaking carbon dioxide emissions before 2030 and achieving carbon neutrality before 2060. China will work toward the target "actively yet prudently", it states.

A system of controlling both the total amount and intensity of carbon emissions will be implemented, and the systems for carbon emissions statistics and accounting, as well as carbon footprint management, will be refined, according to the draft report. It also vows to expand the coverage of China's national carbon trading program and formulate an outline for strengthening China's energy sector.

China will promote clean and efficient use of fossil fuels while striving to build a new electric power system by accelerating the construction of smart grids, developing new types of energy storage, and promoting more extensive use of green electricity, the draft report states.