【英文版】中德能源与能效合作：水泥行业节能减碳研究报告

ResearchandAnalysisReportonEnergy

SavingandCarbonReductioninthe

CementIndustry

Sino-GermanEnergyPartnership

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DeutscheGesellschaftfürInternationaleZusammenarbeit(GIZ)GmbHRegisteredoffices

BonnandEschborn,Germany

Project:BilateralEnergyPartnershipsinDevelopingandEmergingCountries

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Contactperson:YuxiaYin

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Tel.:+861085275589

Asat

May2025,Beijing

Text

CBMF:ShiHongwei,LuoNing,WangYong,LiuShujuan,LiuXinqi,WangZhichao,ZhangMeng,WangYunhui

Review

GIZChina:YinYuxia,HuNing

GIZisresponsibleforthecontentofthispublication.

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Contents

Preface 2

1CurrentStatusofChina’sCementIndustry 3

1.1IndustrialStructureandScaleofDevelopment 3

1.1.1IndustrialStructure 3

1.1.2ScaleofDevelopment 3

1.2PoliciesandStandardsforEnergySavingandCarbonReduction 3

1.2.1PoliciesandRegulationsforEnergySavingandCarbonReduction 3

1.2.2ProgressinCarbonEmissionTradingPolicy 4

1.2.3DevelopmentoftheEnergy-SavingandCarbon-ReductionStandardsSystem 4

1.3KeyActionsforEnergySavingandCarbonReductionintheCementIndustry 4

2AnalysisofEnergy-SavingandCarbon-ReductionSurveyResultsforCementEnterprises 6

2.1OverviewoftheQuestionnaire 6

2.2AnalysisoftheEnergy-SavingandCarbon-ReductionDemandsofSurveyedCementEnterprises 7

2.2.1Formulationof"Dual-Carbon"StrategicObjectivesbyCementEnterprises 7

2.2.2MainStrategiesofCementEnterprisesforEnergySavingandCarbonReduction 7

2.2.3SuppliersandSourcesofEquipmentforEnergySavingandCarbonReduction 8

2.2.4FinancingforEnergySavingandCarbonReductioninCementEnterprises 8

2.2.5ChallengesFacedbyCementEnterprisesinEnergySavingandCarbonReduction 9

2.2.6EnergySavingandCarbonReductionTargetsforCementEnterprises 10

2.2.7PathwaysforFutureEnergy-SavingTechnologicalUpgradesinCementEnterprises 10

3DemandforEnergy-SavingandCarbon-ReductionTechnologiesinCementIndustryEnterprises 12

3.1EnergyEfficiencyImprovementTechnologies 12

3.2RawMaterialandFuelSubstitutionTechnologies 15

3.3Low-CarbonCementTechnologies 15

3.4CCU/STechnology 16

4Conclusion 17

Listoffigures 18

Listoftables 18

2|ResearchandAnalysisReportonEnergySavingandCarbonReductionintheCementIndustry

Preface

ThecementindustryisafundamentalcomponentofChina’smaterialeconomy,andasectorthatconventionallycharacterisedbysignificantresourceconsumptionandsubstantialenergyutilisation.Itisthereforeessentialtoconsideritsroleinthebroadercontextofsustainabledevelopment.Asthesecond-largestindustrialsourceofcarbondioxideemissions(surpassedonlybythesteelindustry)itaccountsforover10%ofChina’stotalcarbonemissions.Process-relatedemissionsfromrawmaterialdecomposition,particularlylimestone,accountforapproximately60%oftotalemissions,whileover30%arisefromthecombustionoffossilfuels.Thesesubstantialemissionsmakethecementindustryoneofthemostchallengingsectorstoalignwiththenation’scarbonreductiongoalsunderChina’s"dualcarbon"strategy.

Inresponsetothischallenge,theDeutscheGesellschaftfürInternationaleZusammenarbeit(GIZ)andtheChinaBuildingMaterialsFederation(CBMF)haveestablishedajointresearchteamtoconductthestudy,“CurrentStateandNeedsofEnergySavingandCarbonReductionintheCementIndustryinChinaandGermany”.ThisinitiativesupportstheSino-GermanDialogueandCooperationMechanismandadvancestheSino-GermanDemonstrationProjectonEnergyEfficiencyImprovementinKeySectors.

Theprojectisdividedintothreephases:

Phase1:QuestionnaireSurvey.

Adetailedquestionnairewasdevelopedtoevaluate:

1.Thecurrentenergyefficiencyandcarbonemissionsprofileofcemententerprises;2.Thechallengesandbarrierstoimplementingenergy-savingandcarbon-reductionretrofittingmeasures;3.Theneedforadditionaltechnologiestofurtherimproveefficiencyandreduceemissions.Keyenterprisesacrosstheindustryparticipated,providingvaluableinsightsintotheseareas.

Phase2:Kick-OffMeeting.

ASino-Germanexchangemeetingonenergy-savingandcarbon-reductiontechnologiesinthecementindustrywasjointlyorganizedbyGIZ,theNationalEnergyConservationCenter,andCBMF.Thehybridonlineandofflineeventgathered160participants,includingrepresentativesfromgovernmentagencies,internationalorganisations,industryassociations,researchinstitutions,financialinstitutions,localenergyconservationcentres,andleadingcompaniessuchasConchGroup,CRBuildingMaterialsTechnology,HuaxinCement,ChinaNationalBuildingMaterialGroup,andJidongCement.Participantsexchangedideasandsharedexperiencesonpolicies,cutting-edgetechnologies,andbestpractices.

Phase3:ResearchReportDevelopment.

BasedonthesurveyresultsandinsightsfromtheSino-GermanCementIndustryEnergyConservationandCarbonReductionTechnologyExchange,theresearchteamconductedathoroughanalysis.Thefocusedpointsofthisresearchwereontheenergy-savingandcarbon-reductionneedsofthecementindustryaswellasitsfuturedevelopmentdirections.Thiseffortculminatedinadetailedresearchandanalysisreport.

ResearchandAnalysisReportonEnergySavingandCarbonReduction|3intheCementIndustry

1CurrentStatusofChina’sCementIndustry

1.1IndustrialStructureandScaleofDevelopment

1.1.1IndustrialStructure

Overthepastdecade,thecementindustryinChinahasundergonesignificantindustrialisation,drivenbythematurationofnewdry-processtechnologyandthesteadyenhancementoftechnicalstandards.Bytheendof2023,approximately1,600cementclinkerproductionlineswereoperational,withover99%ofproductioncapacitybeingutilisedbynewdry-processtechnology.Conversely,older,non-dry-processlinesareprimarilyutilisedfortheproductionofspecial-purposecements.

1.1.2ScaleofDevelopment

Chinahasmaintainedacementoutputofover1.8billiontonsperyearsince2010,reachingapeakof2.476billiontonsin2014.However,sincethen,outputhasexperiencedafluctuatingdecline,with2.023billiontonsrecordedin2023(seeFigure1-1).Significantregionaldisparitiesexist,withEastChina,SouthCentral,andSouthwestChinaleadinginproduction(seeFigure1-2).ProvincessuchasJiangsu,Zhejiang,Anhui,Shandong,Guangdong,andSichuaneachproducedover100milliontons,collectivelyaccountingforasubstantialportionofnationaloutput.

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

30

25

20

15

10

5

0

Figure1-1NationalCementProduction,2010-2023(in

billiontons)

Figure1-2PercentageBreakdownofCementProductioninChina’sSixMainRegionsin2023

NortheastChina

SouthwestChina

EastChina

NorthwestChina

NorthChina

SouthCentralChina

1.2PoliciesandStandardsforEnergySavingandCarbon

Reduction

1.2.1PoliciesandRegulationsforEnergySavingandCarbonReduction

InordertoimplementthepoliciesoftheCentralCommitteeoftheCPCandtheStateCouncilonpeakingcarbondioxideemissionsandachievingcarbonneutrality,severalkeydocumentshavebeenissued:

1.ImplementationPlanforPeakingCarbonDioxideEmissionsintheBuildingMaterialsIndustry(MIITLianYuan[

2022

]No.149)hasbeenjointlyissuedbyfourministriesandcommissions,includingtheMinistryofIndustryandInformationTechnology:Duringthe14thFive-YearPlan,thecomprehensiveenergyconsumptionperunitproductofcementclinkersmustdecreasebyover3%.

2.SeveralOpinionsonStrictEnergyEfficiencyConstraintstoPromoteEnergyConservationandCarbonReductioninKeyFields(NDRCIndustry[

2021

]No.1464)issuedbytheNationalDevelopmentandReformCommissionin2021:By2025,theimplementationofenergy-savingandcarbon-reductioninitiativesisprojectedtobringover30%ofthecementindustry’sproductioncapacityto

4|ResearchandAnalysisReportonEnergySavingandCarbonReductionintheCementIndustry

benchmarkenergy-efficiencylevels.Thiswillleadtoasignificantimprovementintheindustry’soverallenergyefficiency,amarkedreductionincarbonintensity,andasubstantialenhancementinitsgreenandlow-carbondevelopmentcapabilities.

3.EnergyEfficiencyBenchmarkLevelsandBaselineLevelsinKeyIndustrialSectors(2023Edition)(NDRCIndustry[

2023

]No.723):Benchmarkenergyconsumptionperunitproductofcementclinker:100kgce/t;Baselineenergyconsumptionperunitproductofcementclinker:117kgce/t.

4.SpecialActionPlanforEnergyConservationandCarbonReductionintheCementIndustry(NDRCEnvironmentalResources[

2024

]No.733)wasreleasedin2024:Bytheendof2025,cementclinkerproductioncapacitywillbecappedatapproximately1.8billiontons.Theshareofproductioncapacityexceedingbenchmarkenergy-efficiencylevelswillreach30%.Facilitiesoperatingbelowbaselineefficiencylevelwillundergoupgradesorbephasedout.Comprehensiveenergyconsumptionperunitproductofcementclinkerswilldecreaseby3.7%comparedto2020levels.Between2024and2025,thesemeasuresareprojectedtosaveapproximately

5milliontonsofstandardcoalandreducecarbondioxideemissionsbyabout13milliontons.

1.2.2ProgressinCarbonEmissionTradingPolicy

InSeptember2024,theMinistryofEcologyandEnvironment(MEE)releasedtheWorkProgramontheNationalCarbonEmissionsTradingMarketCoveringtheCement,IronandSteel,andElectrolyticAluminumIndustries(ExposureDraft)forpublicconsultation.Thedraftdesignates2024asthefirstcontrolyearforthecementindustry,withtheinitialcomplianceperiodscheduledtoconcludebytheendof2025.Atthesametime,theMEEissuedtwocriticaldocumentstostandardisetheaccounting,reporting,andverificationofgreenhousegasemissionswithinthecementindustry.Theseare:1.GuidelinesforAccountingandReportingofGreenhouseGasEmissionsbyEnterprises–CementIndustry(CETS-AG-02.01-V01-2024).2.TechnicalGuidelinesforVerificationofGreenhouseGasEmissionsbyEnterprises–CementIndustry(CETS-

VG-02.01-V01-2024).Theseguidelinesprovideastandardisedframeworktoenhancethetransparencyandconsistencyofemissionreportingprocessesacrosstheindustry.

1.2.3DevelopmentoftheEnergy-SavingandCarbon-ReductionStandardsSystem

ThecementindustryinChinahaslongbeenapioneerindevelopingcomprehensivestandardisationsystems.Overtime,thescopeofstandardsrelatedtoproductquality,energyconservation,environmentalprotection,andproductionsafetyhasbecomeincreasinglycomprehensive.Mandatorynationalstandards,includingThenormofenergyconsumptionperunitproductofcement(GB16780-2021)andtheEmissionstandardofairpollutantsforcementindustry(GB4915-2013),haveplayedapivotalroleinguidingenterprisestowardsachievingenergy-savingandemissionsreductiongoals.Additionally,arobustecosystemofnational,industry,andgroupstandardsnowgovernskeyareaslikeequipmentprocesses,environmentalgovernance,plantdesign,andco-processingincementkilns.Tofurtherenhancecompetitiveness,enterprisesareencouragedtodevelopadvancedcorporatestandardsthatsurpassnational,industry,andlocalbenchmarks,fosteringinnovationandsustainabilityacrossthesector.

1.3KeyActionsforEnergy

SavingandCarbon

ReductionintheCementIndustry

Aspartofthe"dual-carbon"strategywithinthebuildingmaterialssector,theChinaBuildingMaterialsFederation(CBMF)hassetanambitioustarget:thebuildingmaterialsindustryistopeakcarbondioxideemissionsby2025,withthecementindustryachievingthismilestoneaheadofschedulein2023.Thisgoalhasinspiredwidespreadactionacrosstheindustry.Fromadevelopmentalstandpoint,thecementindustryhassuccessfullypeakedcarbondioxideemissionsaheadofschedule.Thefollowingoutlinestheimplementedkeyactionsandtheachievementsrealisedbytheindustryinadvancingthe“dual-carbon”strategyandfosteringgreendevelopment:

ResearchandAnalysisReportonEnergySavingandCarbonReduction|5intheCementIndustry

1.EstablishingaCarbonReductionTechnologySystem.TheMinistryofIndustryandInformationTechnologyhasentrustedCBMFwiththelaunchofaspecialisedresearchinitiativeknownasthe"SparrowProject",whichanalysescarbonemissionsinthecementindustry.ThisprojectculminatedinthepublicationoftheTechnicalGuidelinesforCarbonEmissionReductionintheCementIndustry,offeringasystematicreviewofthesector’stechnologicalframework.Theseguidelinesidentifybenchmarktechnologiesandcutting-edgesolutions,addressingexistingindustrygapsandprovidingtechnicalsupportforenergysavingandcarbonreduction.Bythemid-termofthe14thFive-YearPlanperiod,coordinatedeffortsacrossgovernment,industry,andenterpriseshadachieveda3%reductioninthecomprehensiveenergyconsumptionperunitproductofcementclinker.Furthermore,newlybuiltproductionlineshaveconsistentlyachievedworld-classenergyefficiencylevels.

2.AdvancingCleanandEfficientEnergyUtilization.Cemententerpriseshaveproactivelyadoptedrenewableenergysolutions,utilisingfacilitiestodevelopdistributedphotovoltaicandwindpowersystems.Thishasledtoasignificantincreaseintheproportionofrenewableenergyintheiroperations.Simultaneously,numerouscompanieshaveimplementedwasteheatrecoverysystems,employingtechnologiessuchasheatexchange,thermalpowerconversion,andwasteheatrefrigerationtoenhanceenergyefficiency.Currently,over95%ofeligiblecementclinkerproductionlineshaveadoptedwasteheatpowergenerationtechnologies.Forinstance,theJining-basedConchGrouphasachieved"zero-carbon"greenpowersupplybyfullyutilisingon-siterenewableenergy,ensuring100%ofitsoperationsarepoweredbycleanenergy.

3.Establishingpilotprojectsandindustrybenchmarks.InordertosupportChina’sdual-carbonobjectives,CBMFhasintroducedtheinnovative"Six-ZeroFactory"concept,whichincludes:zeropurchasedelectricity,zerofossilenergy,zeroprimaryresources,zerocarbonemissions,zerowaste,andzeroemployees(automatedoperations).Since2021,thecementindustryhasbeenactivelypursuingtherealizationof"Six-ZeroFactories",progressingincrementallyfrom"one-zero"to"six-zero".These

initiativesintegrateadvancedenergy-savingandcarbon-reductiontechnologies,demonstratingthefeasibilityofagreenandlow-carbontransformation.

4.Enhancementofsolidwastedisposalcapabilities.Thecementindustryhasleverageditscapacityforresourceutilisationtoincreasetheuseofsolidwasteasalternativefuelsandrawmaterials.Accordingtopreliminarystatistics,bytheendof2023,436cementclinkerproductionlinesacrossChinahadinstalledfacilitiesforco-processingmunicipalwaste,sludge,andhazardousmaterials.Forexample,ChongqingHuaxinDiweiCementCo.,Ltd.hasachievedafuelsubstitutionrateexceeding60%throughstableandlarge-scalealternativefueluse.Wengfu(Group)Co.,Ltd.hasdevelopedacirculareconomyprojectthatconvertsphosphogypsuminto650,000tonsofsulfuricacidannuallywhileco-producing600,000tonsofcement

6|ResearchandAnalysisReportonEnergySavingandCarbonReductionintheCementIndustry

2

AnalysisofEnergy-SavingandCarbon-ReductionSurveyResultsforCement

Enterprises

2.1OverviewoftheQuestionnaire

AsChinaprogressestowardsachievingits"dual-carbon"goals,theurgencyforcemententerprisestoimproveenergyefficiencyandachievegreentransformationhasintensified.Inordertogainacomprehensiveunderstandingoftheprogressinenergy-savingandcarbon-reductioneffortswithinthecementindustry,aswellasthechallengesandbottlenecksencounteredbyenterprisesduringtechnologicalupgrades,aquestionnairesurveywasconductedtargetingkeycemententerprises.Thesurveyyielded82validresponses.

Thesurveyfocusedonfourmainareas:1.Basicprofilesoftheenterprises;2.Currentoperationalchallenges;3.Progressinenergy-savingandcarbon-reductiontechnologicaltransformations;4.Specificdemandsforfurtherimprovements.TheresearchframeworkforthesurveyisdepictedinFigure2-1.

AsdemonstratedinFigure2-2,state-ownedenterprisesaccountedforthelargestshareoftheenterprisessurveyedat78%,followedbyprivateenterprises,foreign-fundedcompanies,andjointventures.

1.ProductionLineScale

2.EnterpriseType

3.EnergyConsumptionLevel

4.ImplementedEnergy-savingandCarbon-reductionTechnologicalUpgrades

5.undingCompositionforImplementedEnergy-savingandCarbon-reductionTransformations

1.OperationalandProductionChallenges

2.ChallengesinEnergy-savingandCarbon-reducionTechnologicalUpgrades

1.PlansforEnergy-savingandCarbon-reduchonTechnologicalTransformations

2.EnergyConsumptionLevelTargets

1.FundingandCompositionforEnergy-savingandCarbon-reductionTransformations

2.TransformationDirectionandKeyLinks

3.EquipmentSources(Domesticvs.Foreign)

4.ComparisonofDomesticandForeignEnergy-savingEquipment

5.FundingCompositionforProposedEnergy-savingandCarbon-reductionTransformations

ChallengesFaced

TransformationGoals

Energy-SavingandCarbon-Reduction

Demands

OverviewoftheSurveyed

Enterprises

Survey

Components

Figure2-1ResearchFramework

ResearchandAnalysisReportonEnergySavingandCarbonReduction|7intheCementIndustry

E.Others:3.66%

D.Jointventure

C.Foreign-funded:1.22

B.Privateenterprises:4.88%

A.State-ownedenterprises

:78.05%

s:12.2%%

Figure2-2OwnershipDistributionofSurveyedEnterprises

2.2AnalysisoftheEnergy-SavingandCarbon-Reduction

DemandsofSurveyedCement

Enterprises

2.2.1Formulationof"Dual-Carbon"StrategicObjectivesbyCementEnterprises

Surveydataindicatethatmostcemententerprisesholdafavourableviewofthe"dual-carbon"strategy.Oftheenterprisesincludedinthesurvey,43.9%havealreadydevelopedcomprehensiveplansfortheir"dual-carbon"strategies,demonstratingforesightandaproactiveapproach.Afurther48.78%havepreliminaryconceptsthatrequirefurtherrefinement.6.1%arestillintheconsiderationstage,while1.22%havenotyetbeguntoconsiderthestrategy.ThespecificproportionsaredetailedinFigure2-3.

A.Yes,detailedplanshavebeendeveloped

B.Yes,preliminaryideasexistbutarenotyetrefined

C.No,underconsideration

D.No,notyetconsidered

48.78%

1.22%

6.1%43.9%

Figure2-3ProportionofCementEnterpriseswithDetailed

“Dual-Carbon”StrategyPlans

2.2.2MainStrategiesofCementEnterprisesforEnergySavingandCarbon

Reduction

Inrecentyears,thecementindustryhasundertakenavarietyofenergy-savingandcarbon-reductioninitiatives,resultinginsignificantprogress.Keymeasuresadoptedbytheenterprisessurveyedincludethefollowing:

1.ActivelyPromotingEnergy-SavingandCarbon-

ReductionRetrofittingaswellastheUpgradeOfEnergy-UseEquipment.

Cemententerpriseshavefocusedonupgradingcriticalsystems,includingthoseforcrushing,batching,clinkercalcining,drying,andthestorageandtransportofrawfuelsandfinishedproducts.Themodernisationeffortshaveencompassedpreheaters,kilnburners,gratecoolers,crushers,rollerpresses,fans,separators,conveyors,anddust-removalequipment.Theseupgradesaimtoenhanceself-denitrificationcapabilities,increasedecompositionfurnacecapacity,andimprovethetechnicalstandardsforcementgrindingandoxygen-enrichedcombustion.

2.PromotingSubstitutionofRawMaterialsandFuels.

Cemententerprisesarepursuingtheuseofnon-carbonaterawmaterials,developingnewcarbon-sequesteringcementitiousmaterials,andproducinglow-carboncementproducts.Theseincludelow-calciumcementclinker,low-clinkerratiocement,andsulfur(iron)aluminatecement.Furthermore,therehasbeenanincreasedadoptionofalternativefuels,includingbiomass,municipalwaste,andrefuse-derivedfuel(RDF),withaviewtoreducingrelianceoncoal.

3.ImplementingRenewableEnergyProjects.

Cemententerprisesareincreasinglyexploringrenewableenergysolutions,includingphotovoltaicandwindpowerprojects,toboosttheiruseofcleanenergy.

4.EnhancingDigitalManagementCapabilities.

Cemententerprisesareestablishingcentralizeddatacollectionandcontrolsystems,aswellasexpert-optimizedintelligentcontrolsystems.Effortsarealsounderwaytocreate"IndustrialInternet+EnergyEfficiencyManagement"applicationstoenhanceoperationalintelligence.

8|ResearchandAnalysisReportonEnergySavingandCarbonReductionintheCementIndustry

5.AdvancingResourceRecyclingEfforts.

Theindustryisuitlisingcalcium-containingindustrialwaste,suchascalciumcarbideslag,phosphogypsum,fluorogypsum,andmanganeseslag,asalternativestolimestoneincementproduction.Thistransitionisintendedtoprgraduallyreducestherelianceoncarbonate-basedrawmaterials.Furthermore,cemententerprisesarepromotingtheco-processingofwasteincementkilnsandencouragingthesubstitutionoftraditionalblendingmaterialswithultra-finepowdersderivedfromblastfurnaceslag,flyashfrompowerplants,andcoalgangue.

Throughinitiativessuchasenergy-savingandcarbon-reductionretrofitting,therenewalofenergy-useequipment,theimplementationofrenewableenergyprojects,theadoptionofalternativerawmaterialsandfuels,andtheenhancementofdigitalmanagement,thecementindustryhasmadesignificantstridesinimprovingenergyefficiencyandreducingcarbonemissionintensity.

2.2.3SuppliersandSourcesofEquipmentfor

EnergySavingandCarbonReduction

Inimplementingtechnologicalupgrades,cemententerprisespredominantlyrelyondomesticsuppliersfortechnologyandequipment.Thesurveyrevealedthatonlythreeenterprisessourcedequipmentfromforeignsuppliers,primarilyforspecificitemssuchasgratecoolersandchillers,asshowninFigure2-4.Forfutureplansregardingenergy-savingandcarbon-reductiontechnologiesandequipment,domesticsuppliersareexpectedtoremaintheprimarysource.

Domestic

Domestic+Foreign

2.44%

97.56%

Figure2-4PercentageBreakdownofSourcesofEnergy-SavingandCarbon-ReductionSuppliers

Nevertheless,thesurveyalsodemonstratedthatChineseenterprisesholdforeigntechnologyandequipmentinhighregardduetotheirstrongperformanceinseveralareas.

Themostrecognizedcategoriesincludealternativerawandfuelpretreatmentequipment(52.44%),intelligentequipment(48.78%),andmeteringequipment(40.24%),reflectingastrongemphasisonimprovingefficiencyandreducingenergyconsumption.Firingequipment(25.61%)wasalsogivennotablerecognition,whilegrindingequipment(9.76%)andotherequipment(7.32%)wereselectedlessfrequently.ThedetailedpercentagebreakdownispresentedinFigure2-5.

Figure2-5PercentageBreakdownofRecognitionof

ForeignEquipmentandTechnology

2.2.4FinancingforEnergySavingandCarbonReductioninCementEnterprises

Duringindustrialupgrading,investmentsrelatedtoenergy-savingandcarbon-reductionretrofitting,andgreentransformationareprimarilyfinancedbytheenterprises'ownfunds,whichaccountfor63.41%.Thisindicatesasignificantrelianceoninternalfinancialresources.Afurther20.73%ofenterprisesadoptacombinedfinancingapproach,incorporatingself-financing,financialloans,andpolicysupport.Theproportionofenterprisesrelyingsolelyonself-financingandfinancialloansisthesmallestat15.85%.Overall,thesurveysuggeststhatfinancingchannelsforenterprisesremainsomewhatlimited.ThefinancingstructurefortechnologicaltransformationisillustratedinFigure2-6.

63.41%20.73%

A.Self-financing

B.Self-financing+financialloans

C.Self-financing

+financialloans+policy

15.85%

Figure2-6FinancingStructureforEnterpriseTechnologicalTransformation

ResearchandAnalysisReportonEnergySavingandCarbonReduction|9intheCementIndustry

Thesurveyresultspertainingtoenterprises’investmentplansforenergy-savingtechnologicalupgradesupto2025envincethefollowingtrends:Investmentsof≤RMB5millionrepresentthelargestshare(32.93%),reflectingthatapproximatelyone-thirdofsurveyedenterprisespreferarelativelymodestinvestmentbudgetforenergy-savingtechnologicalupgrades.InvestmentsrangingfromRMB5milliontoRMB10millionandfromRMB10milliontoRMB50millionrepresent21.95%and29.27%,respectively,indicatingapreferenceformedium-levelinvestments.Incontrast,investmentsrangingfromRMB50milliontoRMB100millionandaboveRMB100millionaccountforamere3.66%and12.2%,respectively,reflectingenterprises'circumspectapproachtowardshigher-levelinvestments.ThedetailedpercentagebreakdownisshowninFigure2-7.

%

12.2%

%

32.933.66%

B.RMB5million<totalinvestment≤RMB10million

C.RMB10million‹total

investment≤RMB50million

D.RMB50million<totalinvestment≤RMB100million

E.Totalinvestment>RMB100million

29.27%

A.Totalinvestment≤RMB5

21.95

Figure2-7PercentageBreakdownofInvestmentinEnergy-SavingandCarbon-ReductionRetrofittingbefore2025

Regardingthesubsequentphaseofindustrialupgrading,50%ofenterprisesindicatedtheirintentiontousetheirownfunds,therebyreinforcingtheircontinuedrelianceoninternalfinancialresources.Meanwhile,47.6%ofenterpr