China to support fuel-cell vehicles as zero-emission alternative
Sep 04, 2019 (China Knowledge) - China, boasting the world’s largest automobile market, has built up investment in fuel-cell vehicles (FCVs), aiming to outperform the U.S and Japan in emission cuts and automobile technologies.
FCVs buyers in 17 Chinese provinces can receive subsidies of RMB 128,000 to RMB 160,000 per such car this year. Followed by the instruction issued by the State Council of China, local governments in 10 cities have announced to grant incentives of between RMB 2 mln and RMB 4 mln to support the construction of every refueling station.
According to the International Energy Agency, last year, the promising FCV market saw the world’s number of such cars surged 80% to 12,900 unites, the U.S making up 46% of them, Japan 23% and China 14%.
The Chinese government is with great ambitious to increase the number of fuel-cell vehicles on the road from 50,000 in 2025 to a million by 2030. The goal dwarfs Japan’s plan of merely deploying 800,000 such cars but still a step lags behind South Korea’s aim to put 1.8 million hydrogen-powered vehicles in service by 2030.
An international body Hydrogen Council estimated that hydrogen fuel cells could meet 18% of global energy demand by 2050, helping to cut 20% of carbon emission for curbing global warming to 2 degrees Celsius, creating a market worth of USD 2.5 trln for hydrogen and fuel cell equipment.
Combining hydrogen and air, fuel cells produce electricity and water. The attributes of fuel cells make it a better green alternative for public transit and heavy-duty vehicles than electric vehicles running on batteries and automobiles running on internal combustion engines.
The Chinese government is working on favorable policies to prop up the development of FCVs, intending to halve the cost of fuel cell systems to RMB 4,000 per kilowatt by 2025 from last year.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: email@example.com
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI