Benzinga | Feb 26, 2021 06:14AM EST

JinkoSolar Reports It Is The First Int'l. Solar Co. To Have Signed Global Framework Principles For Decarbonizing Heavy Industry

JinkoSolar Holding Co., Ltd. (the "Company" or "JinkoSolar") (NYSE:JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it is the first international solar company to have signed on to the Global Framework Principles for Decarbonizing Heavy Industry ("Framework Principles"), as part of its efforts to continue supporting the decarbonization of the heavy industry sector in favor of a transition towards clean energy.

Mr. Dany Qian, JinkoSolar Vice President, commented, "I am honored to support the Global Framework Principles for Decarbonizing Heavy Industry on behalf of JinkoSolar. Renewable energy will be vital to decarbonizing the heavy industry sector, which creates nearly one third of global emissions. As a producer of zero-carbon energy sources, we are proud to be one of the first companies in China to support these Framework Principles and look forward to working alongside the rest of the signatories to raise global targets on decarbonizing the heavy industry."

As more countries and governments take more serious actions on climate change and are on the search for more effective ways to cut emissions, the progress has still not kept up with the worsening reality. In addition, the current Covid-19 crisis has led to a considerable slowdown in industrial activities and this threatens to divert attention away from the sustainable transition. Time is of the essence especially in heavy industries since long-term investment cycles mean that decisions made in the short-term could risk locking in emissions intensive production for decades to come.

Governments play a critical role in developing economic recovery programs to accelerate this progress:

2 Key targets for sustainable stimulus for the heavy industry include: incentives for energy efficiency; improving material recycling systems;

4 Funding and support for the development and demonstration of innovative clean technologies.

6 Legislation to eliminate emissions from energy intensive heavy industries, for example provisions in regulations (e.g. carbon market, carbon prices and emission trading schemes).

8 Sectoral agreements (e.g. formal international commitment to reduce emissions in a sector).

10 Green certificate and emission trading schemes.

12 Tariffs or tax based on carbon dioxide emissions.

14 Consumption-based regulations (e.g. requirements on a proportion of renewable energy in a company's billable power consumption).

16 International cooperation, such as technology transfer and sharing of best practices.

Through sound policy design and close co-operation among stakeholders, we believe that the progress of decarbonization will continue to accelerate as planned. JinkoSolar will continue to play an indispensable role in providing cheaper and smarter clean energy solutions to help companies in the heavy industry effectively move towards greener operations to combat climate change.