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China sets tougher energy intensity target for 2024 after missing 2023 goal

China on March 5 set more rigorous energy intensity standards for 2024 after missing its 2023 goal, as the world’s top energy consumer strives to avoid falling farther behind on its climate goals in a five-year plan ending in 2025.

China’s National Development and Reform Commission (NDRC) has decided to establish a tougher energy intensity target for 2024 after failing to meet its objective in 2023.

China aims to reduce its energy intensity by 2.5% in 2024, up from last year’s failed 2% objective, in order to avoid falling behind the climate targets established in its 14th five-year plan (FYP), which ends in 2025.

China’s energy intensity declined just 0.5% in 2023, and the government failed to meet its target to reduce carbon emissions per unit of GDP.

With energy efficiency a priority for China, the 13th FYP planned for a 15% reduction in energy intensity in 2020 compared to 2015 (-14% accomplished), while the current 14th FYP aims for another 13.5% reduction between 2021 and 2025.

On Tuesday, the Chinese government emphasised its commitment to increasing the exploration and production of oil, natural gas, and key minerals to achieve energy security.

Despite falling short of its climate commitments, it stated that it will continue to push coal-fired power as a “supporting” component of its energy system, as well as develop “advanced” coal deposits.

It asked for accelerated energy pricing changes, including pipeline transit of refined petroleum products.

Source: Energy Ghana