China Baowu Steel Group, the world's leading steel producer, said it will strive to reach peak carbon emission by 2023 during a cadre conference held January 20, marking it the first major company to make promise after president Xi announced carbon neutrality pledge in September 2020.

Baowu will release roadmap for low-carbon metallurgical development within 2021, and is targeted to peak its carbon emission by 2023. The company aims to have the technological capacity to reduce carbon by 30% by 2025, and 50% by 2035, and promises to realize carbon neutrality by 2050, Chen Derong, president of the company said in the conference.

As a highly energy-intensive industry, the steel industry is the largest carbon emitter among the 31 manufacturing categories, and accounts for about 15% of the total carbon emissions in the country.

Although the industry has made great efforts in energy conservation and emission reduction in recent years, the carbon emission control pressure is still very huge due to its large scale and technical restraint.

China Baowu has been working with major companies regarding carbon emission reduction. The company signed with BHP in November 2020 with a five-year partnership to focus on the development of low carbon technologies and pathways capable of emission intensity reduction in integrated steelmaking.

It will also work with Rio Tinto over the next two years in low-carbon steelmaking projects and research, advancing the partnership formed between Rio Tinto, Baowu and Tsinghua University in 2019 to develop and implement new methods to reduce carbon emissions and improve environmental performance across the steel value chain.

(Writing by Emma Yang  Editing by Tammy Yang)
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