The Business Times

China ramps up push to make world's biggest steel industry green

Published Tue, Mar 30, 2021 · 05:36 PM

[SHANGHAI] China is strengthening efforts to clean up one of the dirtiest corners of its economy, and now plans for its mammoth steel industry to reach peak emissions within four years.

The nation aims to reach peak carbon emissions before 2025, and reduce them by 30 per cent by 2030, according to a WeChat post by the China Metallurgical Industry Planning and Research Institute on Sunday that cited a draft plan. China is also set to release stricter measures around crude steel production capacity and replacement, the Economic Information Daily reported, citing a person it didn't identify.

Steel accounts for 15 per cent of China's carbon emissions, the biggest chunk among manufacturers, and is an important sector to rein in as the country plots its course to a carbon-neutral economy by 2060. Authorities have already implemented a slew of output restrictions and cracked down on steel mills flouting curbs, mainly in the hub of Tangshan, and some of the industry's giants have outlined their plans to reduce emissions in coming decades.

China's green drive has fuelled a surge in steel prices, with optimism about demand for construction season adding a further tailwind.

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