China to Cap Steel Output to Deepen Green Push
China Daily reported that at 11th China International Steel Congress themed "Green Steel for a Low-carbon Future" in Shanghai, China’s Ministry of Industry and Information Technology officials explored a steel output limit mechanism to control carbon emissions, pollution and energy consumption, in line with the nation's active pursuit of carbon neutrality. The ministry would explore measures including control of crude steel output, increasing the proportion of short process electric furnaces, and developing hydrogen metallurgy. The ministry would also work actively with government bodies, including the National Development and Reform Commission, to consolidate the achievements in overcapacity cuts in the past few years.
Experts said the steel sector, which accounts for around 18% of the nation's carbon emissions, would see both challenges and opportunities in the nation's low-carbon pursuit. Experts expect big changes in energy, industry, the global economy as well as people's lives, which will be closely connected with the iron and steel industry, creating both opportunities and challenges. Experts said industry players should expect some difficulties for Chinese steel companies during the low-carbon shift.
China has vowed to have CO2 emissions peak by 2030 and achieve carbon neutrality by 2060. To achieve this, the iron and steel industry, like other major sectors, is speeding up its transition to green, low-carbon and high-quality development mode.