Michelle Leung is the Head of Asia Metals and Mining, Sustainability at Bloomberg Intelligence, where she conducts comprehensive research on key metals in Asia, with a particular focus on China and an active speaker at global conferences. Prior to her current role, Michelle served as an ESG Analyst who specialized in climate-related ESG strategies and analysis, as well as ESG integration research and data, including ESG Scores. she took the lead in the ESG committee at Women in Finance Asia.

Before working for Bloomberg, Michelle worked for various international and Chinese Investment banks. Her areas of expertise extend across sectors such as metals and mining and utilities in Asia. Notably, she has been recognized as one of the top-ranked analysts for institutional investor and Asiamoney. She graduated from the University of Michigan's Ross School of Business and holds a Certified ESG Analyst designation from EFFAS (2022).

The AL Circle team recently had a conversation with Michelle, wherein she shared valuable insights into the sustainability efforts within the Asian aluminium industry. She noted that China is targeting a clean energy share of over 30 per cent while aiming to increase aluminium production to more than 15 million tonnes. Looking ahead, she identifies India as the market poised for the strongest aluminium demand growth in Asia by 2025.

To explore these insights in more details, read the full interview below.

AL Circle: Could you share an update on the progress of sustainability initiatives within Asia’s metals and mining sector, particularly in the aluminium industry? Which Asian country stands out as the most committed to sustainability?

Michelle Leung: Aluminium ranks second only to steel in greenhouse gas emissions, accounting for around 1 per cent of the global total, as well as significant energy consumption. This makes the promotion of low-carbon aluminium a clear priority worldwide. While Bloomberg ESG rankings highlight western producers as leading in low-carbon aluminium, Asia’s aluminium industry is making strong progress toward sustainability. China’s 2025-2027 action plan aims to boost clean energy adoption to over 30 per cent, increase recycled aluminium production beyond 15 million tonnes, and improve energy efficiency across at least 30 per cent of capacity by 2027. Indonesia and India are also advancing, with major industry players committing to net-zero targets and expanding renewable energy use. In Indonesia, INALUM, Alumindo, and multinationals like China Hongqiao Group and Daiki Aluminium Industry are leveraging hydropower. Low-carbon aluminium refers to aluminium produced through cleaner refining and smelting processes, using renewable energy sources instead of carbon-fired methods, along with inert anodes that prevent CO₂ emissions.

AL Circle: What progress has been made in the shift towards renewable energy for aluminium production in Asia? Could you provide data on the proportion of renewable energy currently used by aluminium producers across the region?

Michelle Leung: We have done a study before comparing the renewable energy consumption ratio of few companies including INALUM, CHALCO, Hongqiao and Hindalco, in which, Indonesia’s INALUM was the highest at 98 per cent, while the others range from 16- 48 per cent. While those numbers have been improving, they are still far below international players such as Alcoa, Norsk Hydro and Rio Tinto’s  67- 87 per cent.

AL Circle: In the downstream aluminium industry, incorporating recycled content and adopting advanced technologies are considered the key ways to sustainability. How can the upstream value chain enhance its sustainability efforts and contribute to carbon reduction?

Michelle Leung: The upstream value chain of aluminium—covering bauxite mining, alumina refining, and primary aluminium production—has significant opportunities to enhance sustainability and reduce carbon emissions. Shifting aluminium smelting operations from coal- powered electricity to renewable energy like hydropower is one important step helping to cut emissions. Besides that, inserting anode technology by using materials that don’t degrade could help to eliminate the CO2 emissions due to carbon anodes. Alumina refining is very energy intensive too. Technologies like mechanical vapor recompression (MVR) recycle waste heat could help to reduce emissions and boost efficiency. Last but not least, installing carbon capture and storage could help to trap emission from refining and smelting too, yet it could be very costly.

The upstream aluminium value chain—encompassing bauxite mining, alumina refining, and primary aluminium production—offers significant opportunities to enhance sustainability and reduce carbon emissions. One crucial step is transitioning aluminium smelting operations from coal-powered electricity to renewable sources like hydropower, which can substantially cut emissions. Additionally, advancing anode technology by using non-degrading materials could eliminate CO₂ emissions associated with traditional carbon anodes.

Alumina refining is also highly energy-intensive. Implementing technologies such as mechanical vapor recompression (MVR), which recycles waste heat, can help improve efficiency while reducing emissions. Lastly, carbon capture and storage (CCS) could further mitigate emissions from refining and smelting processes, though its high costs remain a challenge.