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However, caps for energy intensity and total energy consumption have not yet been established. A detailed roadmap is expected to be released later this year. The plan is part of China’s goal to peak carbon emissions by 2030 and reach net-zero by 2060.
The country’s decarbonisation strategy could constrain steel supply. MIIT has suspended the further expansion of steel capacity in the 2021-2025 period. The government agency has also asked steel mills to reduce crude steel output in 2022, citing the reduction as the most effective way to constrain carbon emissions.
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