China's top steelmaker Baowu Group vows to achieve carbon neutrality by 2050

FILE PHOTO: A Baowu Steel Group sign is seen in Pudong district in Shanghai, China April 25, 2019. REUTERS/Aly Song

BEIJING (Reuters) - Top steel producer China Baowu Steel Group said it aims to achieve carbon neutrality by 2050, in response to the country’s climate goals set out last year.

Baowu Group is seeking to bring its the group’s carbon emissions to a peak in 2023 before cutting them by 30% by 2035, according to a company statement citing its chairman Chen Derong on Wednesday.

China is the world’s biggest greenhouse gas emitter, and its steel industry accounts for around 15% of the country’s total carbon emissions.

In 2020, President Xi Jinping pledged to make China “carbon neutral” by 2060.

The company will increase its use of renewable energies like solar, wind and biomass energy and will further develop the hydrogen sector, it said in the statement.

It will also strictly control overall energy consumption and strengthen upstream and downstream cooperations, Baowu said.

China churned out a record 1.05 billion tonnes of crude steel last year, with Baowu’s production breaking above 100 million tonnes, likely making it the world’s biggest steel producer.

Reporting by Min Zhang and Shivani Singh; Editing by Ana Nicolaci da Costa