Low-Carbon Transformation of Chinese Steel Enterprises Under the Dual Carbon Goals: Taking Baowu Group as An Example

Abstract

The profound changes in the environment have led to increasing global concerns about the negative impacts of carbon emissions. Against the backdrop of the environmental crisis, the concept of “dual carbon” emerged in China, aiming to achieve carbon peaking and carbon neutrality and mitigate the adverse effects of climate change. The establishment of these goals in 2020 marked a significant milestone in global efforts towards a more sustainable future. The paper initially delves into a comprehensive macro and micro analysis, reviewing significant policy measures introduced since the "dual carbon" goals were established in 2020. It pays particular attention to documents that have had a profound impact on the steel industry, emphasizing the urgency of low-carbon transformation among steel enterprises. Amidst the challenges posed by the macroeconomic environment and within the framework of the "dual carbon" policy, the paper takes Baowu Group, China's leading steel enterprise, as the focal point of this analysis. The paper meticulously scrutinizes seven specific measures implemented by Baowu Group in its journey towards low-carbon transformation, adopting a multifaceted perspective. It provides a comprehensive assessment of the effectiveness of Baowu Group's transformation from diverse perspectives, highlighting the successful outcomes of both Chinese government policies and corporate efforts. In conclusion, the paper presents tailored policy recommendations and transformation strategies tailored specifically for the steel industry.