China’s carbon neutral goal: Beijing approves creation of power grid equipment giant to meet decarbonisation needs

Beijing has given the green light for the formation through merger of a central government-controlled electricity transmission and distribution equipment giant, as part of a reform of industry and state-owned enterprises to drive efficiency.

The move, which involves the consolidation of XJ Group and six units under dominant power distributor State Grid Corporation of China, will create a company with more than 100 billion yuan (US$15.5 billion) in assets according to state media reports.