China launches 3-year energy-saving and carbon-reduction retrofit campaign for steel, cement, and other key industries

China's National Development and Reform Commission (NDRC) has announced a three-year campaign to retrofit nine key industries including steel, electrolytic aluminum, and cement for energy savings and carbon reduction. The goal is to raise the share of production capacity meeting energy efficiency benchmark levels by an average of 20 percentage points by the end of 2028, with cumulative energy savings exceeding 100 million metric tons of standard coal equivalent and a reduction of over 200 million metric tons of CO2 emissions. The policy shifts from general energy conservation to a targeted carbon reduction strategy, encouraging greater use of clean energy like wind and solar. The NDRC will provide central investment support covering 20 percent of approved costs for eligible projects, plus tax incentives and financial products to help industries transition. The campaign targets industries where less than 30 percent of capacity currently meets benchmark levels, aiming to eliminate below-baseline capacity and boost efficiency.