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Core Content of the Report

The latest research report of the International Institute of Green Finance (IIGF) at Central University of Finance and Economics(CUFE), "Analysis of Financial Support Pathways for Wind and PV Recycling Industry", was written by researcher  Shangshi Xie, and the director of the International Institute of Green Finance (IIGF) , Yujie Ren , served as the research supervisor. The report was divided into five major sections:

1. Development Background of Wind and PV Recycling Industry

In August 2024, the National Development and Reform Commission and the National Energy Administration issued the "Implementation Plan for Large-Scale Equipment Renewal in Key Energy Fields" to promote the upgrading of wind and solar power station equipment. According to the "2024 China Wind and Photovoltaic Equipment Recycling Industry Development Report", by the end of 2024, China's retired photovoltaic modules reached 4.9GW (about 340,000 tons) . Starting in 2025, China will usher in a wave of wind and solar equipment retirement, and improper handling will lead to pollution and waste of resources.

2. Overall of Policies in Wind and Solar Recycling Industry 

PV Recycling Policies in Europe: Germany set a target of 85% module recycling rate and 80% reuse rate in 2018; the Netherlands increased the recycling fee from 6.5 euros/ton to 40 euros/ton in 2023, which was paid by importers.

PV Recycling Policies in China:

Goal: Establish a responsibility mechanism for handling wind and solar equipment by 2025

Standard: In October 2024, the Ministry of Ecology and Environment issued the "Technical Specifications for Pollution Control in Recycling and Treatment of Waste Photovoltaic Equipment (Draft)" to standardize pollution control throughout the entire process.

3. Typical Cases of  Financial Support for Wind and Solar Recycling

International Cases:

First Solar : An American manufacturer of cadmium telluride thin-film modules, it has established a full life cycle responsibility mechanism for photovoltaic modules by setting up a recycling fund managed by a third party (withdrawn in proportion from sales revenue).

Surety Group: Provides performance bonds for the decommissioning of wind and solar power plants in the United States, covering high-cost such as equipment dismantling and land restoration, reducing the burden on landowners.

China Breakthrough:

RESOLAR : In April 2024, RESOLAR received a round A financing from Bright Capital (tens of millions of RMB), becoming the first photovoltaic recycling company in China to receive venture capital. The funds was used for research and development, plant construction and market expansion.

Financial Support Direction in China:

Ultra-long-term special government bonds: After allocating about 300 billion yuan of ultra-long-term special government bonds to support the "trade-in" projects in July 2024, China will increase the scope in 2025 and arrange another 500 billion yuan ultra-long-term special government bonds.

Green finance: Through green credit, green insurance, green bonds and other tools, targeted support is provided to the wind and solar recycling industries, and the wind and solar recycling industries have been included in the scope of green finance support.

Leveraging transition finance to support the circular economy.

4. Development of the Wind and Solar Recycling Industry and Financing Difficulties

Imperfect standards for the retirement of wind and solar equipment, immature technology, high transportation costs, and violent dismantling by small workshops have led to a low willingness among companies to participate.

5. Suggestions

Clarify the technical standards for each step in the decommissioning and recycling of wind and solar equipment , and appropriately increase mandatory recycling requirements.

Coordinate the use of super-special long-term government bonds, local special subsidies , green credit/bonds and other tools, expand the coverage of green insurance, and guide the participation of social capital (such as venture capital funds and private equity investment funds) .

Give full play to the technological and resource advantages of leading enterprises and create a demonstration effect .

View the original authoritative report:

https://iigf.cufe.edu.cn/info/1012/9968.htm

(Source: International Institute of Green Finance, Central University of Finance and Economics)