Financial News
Inner Mongolia Embraces a New Era of Energy: Methanol Pioneers Innovation and Sustainable Development
December 05, 2024 at 09:45 AM EST
Methanol, recognized for its efficient combustion, clean emissions, and renewability, is seen as a "super fuel" that can address challenges to energy security and "carbon peaking and neutrality". Driven by the global energy transition and China's "carbon peaking and neutrality" goals, methanol is emerging as a star in the energy sector. China leads the world in renewable methanol production capacity, with 75% of new capacity expected to come from China by 2026.
As a resource-rich region in China, Inner Mongolia has both the advantage and the responsibility to develop a modern energy economy. The forum brought together international organizations, government departments, academicians, experts, key domestic and foreign enterprises, and relevant institutions to focus on the development of the green methanol industry and discuss ways to promote the high-quality development of new energy. Li Shufu, chairman of Geely Holding Group, pointed out at the forum that Inner Mongolia is adjusting its industrial structure and strengthening the important ecological security barrier in the north of China, laying a solid foundation for the development of methanol as a new quality productive force.
The series of methanol-hydrogen electric heavy-duty trucks, light trucks, mini trucks, and buses launched by Farizon at the forum are a microcosm of Inner Mongolia's development of new energy commercial vehicles. These products not only cover scenarios such as trunk logistics, short-distance transportation, urban delivery, engineering vehicles, and urban public transportation, but also become the best solutions for new energy commercial vehicles in cold northern regions due to their excellent economy, environmental protection, applicability, and reliability. In particular, Farizon's methanol-hydrogen electric heavy-duty truck named Homtruck has successfully completed an extreme mileage challenge of 1,522.9 kilometers from Wuwei, Gansu province to Turpan, Xinjiang Uygur Autonomous Region, using a tank of green methanol.
Furthermore, Inner Mongolia has made significant progress in green methanol production. The first phase of the Alashan 500,000-ton annual green methanol project, with an initial capacity of 100,000 tons, has officially kicked off. Utilizing Geely's core green methanol production technology, the project synthesizes green methanol by coupling hydrogen produced from electrolyzed water with industrially captured carbon dioxide, achieving the recycling of carbon resources. The successful implementation of this project not only provides strong support for Inner Mongolia's green transformation but also offers a best-practice example for the development of the methanol economy nationwide.
In terms of policy support, Inner Mongolia also demonstrates strong determination and action. According to the Finance Department of the Inner Mongolia Autonomous Region, in 2024, Inner Mongolia secured 4.699 billion yuan in central financial subsidies for renewable energy electricity prices, effectively supporting the increase in wind power, photovoltaic, and biomass power generation across the region and promoting the consumption of renewable energy. Additionally, the Finance Department of the Inner Mongolia Autonomous Region has allocated special funds for the development of key industries, industrial parks, and scientific and technological innovation to support the industrial transformation and upgrading and research projects in new energy, new materials, energy conservation, environmental protection and other fields.
Looking ahead, Inner Mongolia will continue to use new energy such as green methanol as a breakthrough to promote the high-quality development of the energy industry. Inner Mongolia will strive to optimize and upgrade its energy structure and achieve green and low-carbon development with measures such as building a green methanol system, promoting methanol-hydrogen electric commercial vehicles, and strengthening the development and application of green methanol production technologies.
Inner Mongolia's innovation and breakthroughs in the new energy sector have not only injected new impetus into its own development but also provided valuable reference and inspirations for energy transition and sustainable development in China and worldwide. On the path of innovation and sustainability, Inner Mongolia is moving forward with confident strides.
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