China’s State Council has released the “Energy Conservation and Carbon Reduction Action Plan” for 2024-2025 aiming to reduce energy consumption and carbon dioxide emissions per unit of GDP by approximately 2.5% and 3.9%, respectively, in 2024. The Plan chalks out the energy conservation and emissions reduction targets for the key sectors of the economy ranging from power, transport and construction to iron and steel and the non-ferrous metals, as well as chemicals and petrochemicals. In absolute terms, it proposes a reduction of around 53 mnt of CO2 emissions from the steel industry by 2025.
