In our view, China's efforts to reach a peak in carbon emissions and eventually go carbon-neutral should see various new policies rolled out in support, such as controls on approval and financing of new chemical projects, strengthened monitoring of emissions and more stringent environmental requirements for existing projects.
Some subsectors of the chemicals industry are high-emission, energy-intensive, and we expect China's carbon goals to have far-reaching effects that can improve industry competition pattern from the supply side, which can help top players in these sectors consolidate their market positions, boosting their profitability and ultimately improving their credit quality.
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