China targets to cut energy intensity by 2.5% for 2024
The country's new goal for energy intensity, which measures the amount of energy used per unit of GDP, seems challenging as it is higher than its targeted 2% decline for 2023. It also beats the actual energy intensity drop of only 0.5% realized last year, Mysteel Global learned from an annual report issued by the National Bureau of Statistics on February 29.
China's quickened steps to propel a sharper reduction in energy consumption this year are seen as driven by its promise to bring energy intensity and carbon emissions per unit of GDP down by 13.5% and 18% by end-2025 compared with the 2020-levels, respectively.
The impact of the 2.5% energy intensity goal is expected to be more felt by China's high energy-consuming sectors like steel, cement, papermaking, electrolytic aluminium and coal chemicals, an industry insider commented.
China initially included energy use per unit of GDP as an obligatory target in its 11th FYP, and then it stressed in its 12th FYP to cap total energy consumption reasonably. Later, a clearer and ambitious goal of a 15% reduction in energy use per unit of GDP was brought forth in the 13th FYP, Mysteel Global learned.
Written by Tammy Yang, yangfangb@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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