A sharp two-month drop in steel production has tanked global iron-ore prices and burnished China’s climate credentials. But as the economy slows, can Beijing sustain the cuts?
. Beijing has set a national goal to secure peak carbon emissions by 2030, with an earlier target of 2025 for the steel sector, China’s second-largest such emitter after power utilities.
“We have to resolutely implement the output-cut policy—this is a political issue, and there is no room for bargaining,” said Chen Derong, chairman of Baowu Steel Group, China’s largest producer, at a conference this month. Also this month, climate envoy Xie Zhenhua said China plans to stick to its emissions goals and present them in Glasgow.
But with the economy slowing as Covid-19 surges once more, China’s top brass has begun to provide some wiggle room. A high-level meeting in late July chaired by President Xi Jinping warned against “campaign-style” climate measures. State media weighed in to discourage “unrealistic pledges.”
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