China NDRC launches 3-year energy-saving and carbon-reduction retrofit campaign for nine key industries

China's National Development and Reform Commission (NDRC) released a Three-Year Action Plan on Monday to drive energy-saving and carbon-reduction retrofits across nine key industries, including steel, electrolytic aluminum, and cement. The campaign starts in 2026 and will provide central investment support with financial subsidies equal to 20 percent of the approved total investment for eligible projects. Priority goes to projects that reach benchmark energy efficiency levels after retrofitting. The policy also encourages local governments to coordinate existing funding channels for additional support, offers tax incentives for energy-efficient special equipment and technological retrofits, and pushes financial institutions to provide diversified products and services for retrofitting financing. This is a concrete step in China's industrial decarbonization push, with direct implications for carbon markets and emissions policy.