Baogang Group, the largest iron and steel manufacturer in Baotou, North China's Inner Mongolia autonomous region, released its peak carbon dioxide emissions and carbon neutrality goals at a press conference held on May 14, according to local media reports.

After a comprehensive and systematic study and demonstration, Baogang Group has determined that it will strive to achieve peak carbon in 2023 and have the technological abilities in place to reduce carbon by 30 percent by 2030. It will strive to reduce carbon emissions by 50 percent from the peak in 2042, and achieve carbon neutrality by 2050.

At the same time, the group is to increase its operating income to more than 120 billion yuan ($18.65 billion) by 2022.

Since 2020, Baogang Group has implemented both national and Inner Mongolia ultra-low emission and special emission limit requirements, and initiated a series of environmental governance projects including ultra-low emission transformation work.

The company eliminated a large amount of equipment with low environmental protection levels, and implemented hundreds of environmental treatment and comprehensive utilization projects.

On May 13, Baogang Group held the 2021 energy-saving and environmental protection major project meeting. It plans to invest 3.5 billion yuan throughout the year to promote the implementation of 80 energy-saving and environmental protection projects.