Understanding the demand for Green Steel, page-694

China’s steel industry embarks on green shift, battling high carbon emissions through technologies, supportive policies - Global Times


"China is the world's largest producer and consumer of steel, with steel production accounting for over half of the global share. The carbon emissions from the steel industry account for about 15 percent of the country's total carbon emissions, making it the industry with the largest carbon emissions among the 31 categories of manufacturing industries, according to public data. As China has promised to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060, the steel industry is making hard efforts in decarbonization, with many challenges to solve.

The Chinese government has also introduced policies to support the industry's transformation, including tax incentives and green credit, providing important economic incentives for the industry. Chinese Premier Li Qiang has signed a decree of the State Council, introducing new regulations governing carbon emissions trading. Effective from May 1, 2024, the regulations aim to provide a legal framework for the operation of China's carbon emissions trading market and ensure the effectiveness of related policies, the Xinhua News Agency reported. The regulations focus on the allocation of responsibilities, designating the State Council's ecological and environmental departments to oversee and manage carbon emissions trading. The regulations specify details including the products eligible for trading, trading methods, and the distribution of carbon emissions quotas, according to Xinhua.

Carson said that they have already been "impressed" by the Chinese government, in setting out a dual-carbon target and creating a road map."

Global pressure is too much for China, especially with EU's Carbon Border Adjustment Mechanism (CBAM), USA's Inflation Reduction Act (IRA) and Australia's Climate Change Act 2022. The pieces are all falling into place