Baogang Group, an iron and steel manufacturer based in Baotou, North China's Inner Mongolia autonomous region, has delivered a press conference outlining its targets for peak carbon dioxide emissions and carbon neutrality.

After a comprehensive and systematic study, 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 then seek to reduce carbon emissions by 50 percent from the peak by 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 ($18.80 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 has invested nearly 40 billion yuan in equipment upgrades and industrial structure adjustments for clean and efficient production, 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 this year to promote the implementation of 80 energy-saving and environmental protection projects.