China Green Bulletin: Steel Sector Carbon Deadline Extended
China’s steel sector eases carbon peaking deadline
China has reset the deadline for the steel sector to reach peak carbon emissions to 2030, five years later than it set in 2021, according to a guideline 促进钢铁工业高质量发展的指导意见 jointly issued by three central government bodies on Monday. The guideline has reiterated tight control over steel production capacity expansion, setting goals of ultra-low emissions transition in 80% of steel production and 10% water usage reduction by 2025. Steelmaking is China’s second-largest carbon emitter, and as such, faces huge decarbonization pressure. The adjustment is said to give more room to the sector and avoid “campaign-style” carbon reduction that may cause a negative impact on the economy amid a growth slowdown.
Caixin Insight, the research arm of Caixin Global, is a strategic advisory helping clients assess policy risk and macroeconomics in China.
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