NDRC Forecasts 3%+ Drop in Energy Intensity in 2024, Boosting Equipment Upgrades and NEV Adoption

[SMM Steel Market Morning Brief: NDRC Expects Energy Intensity to Drop by Over 3% in 2024]

The National Development and Reform Commission (NDRC) stated that in 2024, significant progress will be made in energy conservation and carbon reduction, with energy intensity expected to drop by over 3% for the year, exceeding the annual target. Regarding the program of large-scale equipment upgrades and consumer goods trade-ins, in the first 11 months of 2024, national investment in equipment and tools purchases increased by 15.8% YoY, contributing 65.3% to total investment growth. In trade-in activities, over 60% of consumers chose to purchase NEVs, driving the domestic market penetration rate of passenger NEVs to exceed 50% for six consecutive months.