China Tightens Approvals for New Refineries

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China is set to tighten approvals for newly planned refineries in line with Beijing's pledge that its carbon emissions will peak by 2030 and that it will achieve carbon neutrality by 2060 (IOD Sep.23'20). Local authorities will apply stricter criteria for approvals of newly planned refineries, leading to a sharp increase in new refineries' production costs as a result of limits on their carbon emissions.

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