China’s Power Crisis Will Affect Industries Worldwide

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Such increases might be tolerable if end-users were turning this power into high-value goods — but all too often, that’s not the case. China now consumes more electricity per capita than the U.K. and Italy, but comes nowhere close in terms of economic output. Determined to hit President Xi Jinping’s targets on peaking emissions by 2030 and hitting net zero by 2060, Beijing’s policy makers have fixed on so-called “dual high” sectors — those whose energy consumption and carbon emissions are both elevated — as the culprits. These are many of the industries that have grown fastest in recent decades, such as cement, steel, base metals, oil refining, chemicals, and glass. They collectively account for more than half of China’s emissions.

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