Banks pumped more than $150bn last year into companies whose giant “carbon bomb” projects could destroy the last chance of stopping the planet heating to dangerous levels, the Guardian can reveal. The carbon bombs – 425 extraction projects that can each pump more than one gigaton of carbon dioxide into the atmosphere – cumulatively hold enough coal, oil and gas to burn through the rapidly dwindling carbon budget four times over. Between 2016 and 2022, banks mainly in the US, China and Europe gave $1.8tn in financing to the companies…
Tag: Energy
Japan to release second batch of wastewater from Fukushima nuclear plant next week
Japan will begin releasing a second batch of wastewater from the crippled Fukushima nuclear plant from next week, its operator has said, an exercise that angered China and others when it began in August. On 24 August, Japan began discharging into the Pacific some of the 1.34m tonnes of wastewater that has collected since a tsunami crippled the facility in 2011. “The inspections following the first release have been completed … The (second) discharge will start on 5 October,” Tokyo Electric Power (Tepco) said on Thursday. China banned all Japanese…
State-backed disinformation fuelling anger in China over Fukushima water
Fake news and state-backed disinformation are fuelling Chinese anger at Japan over its release of treated wastewater from the destroyed Fukushima nuclear plant. In the last week, there have been reports of rocks and eggs thrown at Japanese schools in two Chinese cities, abusive phone calls to Japanese businesses and social media campaigns to boycott Japanese products including cosmetics. It has prompted Japan’s government to summon the Chinese ambassador and urge caution among its China-based citizens. Japan began its release of more than 1m tonnes of water on 24 August.…
China continues coal spree despite climate goals
China is approving new coal power projects at the equivalent of two plants every week, a rate energy watchdogs say is unsustainable if the country hopes to achieve its energy targets. The government has pledged to peak emissions by 2030 and reach net zero by 2060, and in 2021 the president, Xi Jinping, pledged to stop building coal powered plants. But after regional power crunches in 2022, China started a spree of approving new projects and restarting suspended ones. In 2022 the government approved a record-breaking 86 gigawatts (GW) of…
Fukushima: China accused of hypocrisy over its own release of wastewater from nuclear plants
As China bans all seafood from Japan after the discharge of 1m tonnes of radioactive water from the ruined Fukushima Daiichi nuclear power plant into the Pacific Ocean, Beijing has been accused of hypocrisy and of using the incident to whip up anti-Japanese sentiment. Scientists have pointed out that China’s own nuclear power plants release wastewater with higher levels of tritium than that found in Fukushima’s discharge, and that the levels are all within the boundaries of levels not considered to be harmful to human health. On Thursday, Tokyo Electric…
Economic ‘headwinds’ lead IEA to cut global oil demand forecast
Global oil demand will reach an all-time high this year, but “persistent macroeconomic headwinds” mean it will not grow as quickly as had previously been expected, the International Energy Agency (IEA) has said. The Paris-based global energy watchdog said that demand was expected to rise by 2.2m barrels a day in 2023, leading to an average of 102.1m barrels a day. But that prediction is 220,000 barrels a day lower than its previous expectations – the first time the agency has lowered its forecast for growth this year. China, boosted…
Is China really leading the clean energy revolution? Not exactly | Li Shuo
Big numbers are a hallmark of China’s economy and now its energy transition: they thrill, they mystify, and at times they contradict, at least on the surface. China’s solar capacity is now 228 gigawatts (GW), more than the rest of the world combined, according to Global Energy Monitor. And wind capacity, at a whopping 310GW, also leads the world. With another 750GW of new wind and solar projects in the pipeline, China will hit its 2030 target of 1,200GW – an unimaginable number when proposed just a few years ago…
China accused of scores of abuses linked to ‘green mineral’ mining
A new report into China’s dominance in the green-energy market has identified more than a hundred allegations of environmental and human rights violations linked to its overseas transition mineral investments over the past two years. China dominates the processing and refining of lithium, cobalt, copper, manganese, nickel, zinc, chromium, aluminium and rare-earth elements – and the manufacturing of technologies like solar panels, wind turbines and batteries for electric vehicles (EV), which require so-called transition minerals. The Business & Human Rights Resource Centre (BHRRC), a corporate watchdog that tracks the local…
Fukushima: China calls for suspension of Japanese plan to release radioactive water into sea
China has called for the suspension of a Japanese plan to begin releasing radioactive water from the tsunami-wrecked Fukushima nuclear plant into the sea, ahead of a UN report that is expected to give its approval to the scheme. Beijing denounced the plan as “extremely irresponsible” when it was announced in 2021 and reiterated its opposition on Tuesday, as International Atomic Energy Agency (IAEA) chief, Rafael Grossi, begins a four-day visit in which he is set to deliver the results of the body’s safety review. Through its embassy in Japan,…
China on course to hit wind and solar power target five years ahead of time
China is shoring up its position as the world leader in renewable power and potentially outpacing its own ambitious energy targets, a report has found. China is set to double its capacity and produce 1,200 gigawatts of energy through wind and solar power by 2025, reaching its 2030 goal five years ahead of time, according to the report by Global Energy Monitor, a San Francisco-based NGO that tracks operating utility-scale wind and solar farms as well as future projects in the country. It says that as of the first quarter…