On 3 December 2021, the Ministry of Industry and Information Technology (MIIT) of the People’s Republic of China released its five-year plan on green development of the industrial sectors. At the core of the strategy lies low-carbon development of the industrial structure and production. More concretely, the strategy aims at the reduction of carbon emissions by 18 % for China’s main industrial firms and lower energy intensity by 13.5 % per unit of value-added industrial output by the middle of the decade. Furthermore, production in carbon-intensive sectors such as steel, cement and aluminium will be more strictly monitored. Renewable energy consumption should be increased by fostering the production of hydrogen energy, biofuels and refuse-derived fuels in steel, cement, chemical and other industries. Recycling is encouraged and so is “rational” exploitation of mineral resources including iron ore and nonferrous materials. Overall, the strategy aims at supporting green growth in newly emerging industries and at the same time bringing China closer to its goals of peaking carbon emissions by 2030 and achieving carbon neutrality by 2060. Read more (ENG, CHN, CHN)
The Shandong electricity spot market saw negative prices for 22 consecutive hours (20:00; 1 May – 17:00; 2 May) during national holidays in May 2023.