Chinese Steel Producers May Begin Carbon Trading This Year
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According to an interview with the China Iron and Steel Association (CISA) by China Environment News on June 5, the steel industry in China is expected to be included in the national carbon trading market this year.
A representative from CISA stated that China's low-carbon steel emission standards are currently under research and are expected to be issued this year. At the same time, the steel industry will soon start carbon trading, following the official launch of online carbon emission subsidy trading for the main power generation industry in July 2021.
CISA mentioned that around 80 of China's top steel companies have already started pilot trading of carbon emission subsidies over the past 2-3 years. These companies produce about 130 million tons of crude steel annually. Trading carbon emission subsidies can improve the market competitiveness of low-carbon emitting steel producers and is expected to promote the development of low-carbon steel production technology and generate higher prices for China's low-carbon steel products.
According to CISA data, from 2014 to 2023, the average comprehensive energy consumption per ton of steel by key CISA member companies decreased by 5.87%. 95 Chinese steel companies have completed the transformation to ultra-low emissions throughout the entire steel production process, with a crude steel production capacity of about 450 million tons per year. Additionally, 42 steel companies, with a steel production capacity of 144 million tons per year, have partially completed ultra-low emission transformations, and 32 steel companies are in the process of transitioning to ultra-low emissions, involving a crude steel production capacity of approximately 54 million tons per year.
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