China to continue crude steel output controls in 2024

China will continue to adjust and control its crude steel output this year against the backdrop of achieving carbon peak and carbon neutrality goals (2C goals), Mysteel Global just learned from the latest action plan for energy conservation and carbon reduction for 2024-25, released by the State Council on May 29 evening.

The action plan stated that "in order to actively and steadily achieve China's 2C goals and to promote the comprehensive transformation to a green economic and social development, this year's energy consumption and carbon dioxide emissions per unit of GDP will decrease by about 2.5% and 3.9% respectively."

And the plan also noted that the energy consumption of added value of industrial enterprises above designated size in China should decrease by about 3.5%, and the proportion of non-fossil energy consumption should reach around 18.9% in 2024 and 20% in 2025 respectively.

Specifically, about 50 million tonnes (mnt) of standard coal should be cut out for energy-saving and carbon-reduction transformation in key areas and industries, and about 130 million tonnes of carbon emissions should be reduced in 2024 and 2025, as per the action plan.

"To achieve these goals, a slew of actions should be taken to reduce and substitute fossil energy consumption. These include strictly and reasonably controlling coal consumption and optimizing the oil and gas consumption structure, upgrading non-fossil energy consumption, and saving energy and reducing carbon emissions in steel, petrochemicals, non-ferrous metals, building materials, and in areas such as architecture, transportation, public institutions and energy-using products and equipment," the plan release said.

Note: This article has been written in accordance with an article exchange agreement between MySteel Global and BigMint.