China officially stated yesterday that they expect to meet 2015 goals for curbing greenhouse gas emissions, even though 2011 emissions and overall energy intensity reductions were short of their annual goal. The culprit, according to Zhang Ping of the NDRC, was a drought in southern China in 2011 that greatly reduced hydropower output. It would be reasonable to expect that such drought conditions are highly unlikely over a five-year period, and this plays into the NDRC's updated projections.
Chinese officials also reiterated their longer-term efforts in shuttering "outdated" power generation facilities (largely coal) as well as less efficient plants in the steel, construction and petrochemical industries.
Link from Bloomberg: