Jiangsu Shagang Group signs $90 million in procurement deals with Japan's Mitsubishi Heavy Industries at the forth China International Import Expo. [Photo/zjgonline.com.cn]

Jiangsu Shagang Group, a Global Fortune 500 company in the county-level city of Zhangjiagang, Suzhou signed about $90 million in procurement deals with Japan's Mitsubishi Heavy Industries at the fourth China International Import Expo (CIIE), which is currently being held in East China's Shanghai.

The deals include a fuel gas and steam electricity generation project (also known as the CCPP project), which will help Shagang Group increase the utilization rate of blast furnace gas and reduce energy losses, improve generating efficiency and reduce harm to the environment.

After the new project is completed, Shagang will shut down its exiting generator set, which will help increase power generation efficiency and save a total of 164,500 metric tons of standard coal each year.

The two sets of high-efficiency power generation units will maximize the resource utilization efficiency and help Shagang fulfill its goals of achieving peak carbon dioxide emissions and carbon neutrality. It will also help the group conserve energy and reduce emissions, as well as promote the region's green development, according to a staff member of the group.

The central government is striving to peak carbon emissions before 2030 and achieve carbon neutrality before 2060, and Shagang Group will help achieve these targets. In recent years, the group has allocated more than 30 billion yuan ($4.7 billion) to accelerate energy conservation and carbon reduction retrofits and upgrades and work to cultivate leaders in energy efficiency and green development.