中国钢铁行业脱碳融资 技术、政策和金融工具

The report highlights that China's steel industry requires at least 1.6 trillion yuan (approximately 220 billion USD) in fixed asset investment to achieve decarbonisation by 2050. While technical feasibility for zero-carbon steel exists, high costs remain a barrier. The document argues that transition finance, carbon pricing mechanisms like the EU's CBAM, and green public procurement are essential to drive investment toward deep decarbonisation technologies, such as low-carbon hydrogen, and to avoid 'carbon lock-in' as 78% of existing coal-based blast furnace capacity requires reinvestment by 2030.

• Achieving decarbonisation by 2050 will require at least 1.6 trillion yuan (approximately 220 billion USD) in fixed asset investment for the Chinese steel industry. This investment is distributed across energy efficiency (33%), electric arc furnaces (23%), direct reduced iron (18%), CCUS (14%), hydrogen injection in blast furnaces (7%), and pelletising (5%).
• Despite the growth of China's labelled bond market, the steel industry's participation is minimal, representing only 0.1% of the total market volume. By the end of 2023, steel issuers had issued 23 green bonds (3.5 billion yuan) and 6 sustainability-linked bonds (SLBs) (1.6 billion yuan).
• Low-carbon hydrogen is identified as a key technology for deep decarbonisation, capable of reducing emissions by over 90%, but its adoption is hindered by supply and cost. The cost of low-carbon hydrogen in China is projected to drop to 2.18 USD/kg by 2030.
• The EU's Carbon Border Adjustment Mechanism (CBAM) creates significant operational pressure for Chinese steel exporters, with China's steel exports to the EU valued at approximately 7.4 billion euros (8.1 billion USD) in 2022.
• Green public procurement in China has substantial potential to drive demand for low-carbon steel, as the public sector procures approximately 350 million tonnes of steel annually, resulting in roughly 689 million tonnes of CO2 emissions.
• Major Chinese steel companies have set decarbonisation targets: Baowu plans a 30% reduction by 2035 and carbon neutrality by 2050; Ansteel commits to a 30% reduction by 2035; and HBIS aims for carbon neutrality by 2050.

APA

Passaro, F., 巢敏讷, 徐小云, 谢文泓, Van Coppenolle, M., & 于昊 (2024). 中国钢铁行业脱碳融资 技术、政策和金融工具. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/%E4%B8%AD%E5%9B%BD%E9%92%A2%E9%93%81%E8%A1%8C%E4%B8%9A%E8%84%B1%E7%A2%B3%E8%9E%8D%E8%B5%84%EF%BC%9A%E6%8A%80%E6%9C%AF%E3%80%81%E6%94%BF%E7%AD%96%E5%92%8C%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7-Financing-the-decarbonisation-of-China%E2%80%99s-steel-industry-technology-policy-and-instruments_2025-02-17-162816_ejxq.pdf

Chicago

Passaro, Fabio, 巢敏讷, 徐小云, 谢文泓, Magali Van Coppenolle, and 于昊. 中国钢铁行业脱碳融资 技术、政策和金融工具. Climate Bonds Initiative, 2024. https://www.climatebonds.net/files/documents/publications/%E4%B8%AD%E5%9B%BD%E9%92%A2%E9%93%81%E8%A1%8C%E4%B8%9A%E8%84%B1%E7%A2%B3%E8%9E%8D%E8%B5%84%EF%BC%9A%E6%8A%80%E6%9C%AF%E3%80%81%E6%94%BF%E7%AD%96%E5%92%8C%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7-Financing-the-decarbonisation-of-China%E2%80%99s-steel-industry-technology-policy-and-instruments_2025-02-17-162816_ejxq.pdf.

Wikipedia

{{cite report |last1=Passaro |first1=Fabio |last2=巢敏讷 |last3=徐小云 |last4=谢文泓 |last5=Van Coppenolle |first5=Magali |last6=于昊 |title=中国钢铁行业脱碳融资 技术、政策和金融工具 |publisher=Climate Bonds Initiative |date=September 2024 |url=https://www.climatebonds.net/files/documents/publications/%E4%B8%AD%E5%9B%BD%E9%92%A2%E9%93%81%E8%A1%8C%E4%B8%9A%E8%84%B1%E7%A2%B3%E8%9E%8D%E8%B5%84%EF%BC%9A%E6%8A%80%E6%9C%AF%E3%80%81%E6%94%BF%E7%AD%96%E5%92%8C%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7-Financing-the-decarbonisation-of-China%E2%80%99s-steel-industry-technology-policy-and-instruments_2025-02-17-162816_ejxq.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{passaro2024, author = {Passaro, Fabio and 巢敏讷 and 徐小云 and 谢文泓 and Van Coppenolle, Magali and 于昊}, title = {{中国钢铁行业脱碳融资 技术、政策和金融工具}}, institution = {Climate Bonds Initiative}, year = {2024}, month = sep, url = {https://www.climatebonds.net/files/documents/publications/%E4%B8%AD%E5%9B%BD%E9%92%A2%E9%93%81%E8%A1%8C%E4%B8%9A%E8%84%B1%E7%A2%B3%E8%9E%8D%E8%B5%84%EF%BC%9A%E6%8A%80%E6%9C%AF%E3%80%81%E6%94%BF%E7%AD%96%E5%92%8C%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7-Financing-the-decarbonisation-of-China%E2%80%99s-steel-industry-technology-policy-and-instruments_2025-02-17-162816_ejxq.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }