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…
Tag: Fossil fuels
China ramps up coal power despite carbon neutral pledges
Local governments in China approved more new coal power in the first three months of 2023 than in the whole of 2021, according to official documents. The approvals, analysed by Greenpeace, reveal that between January and March this year, at least 20.45 gigawatts of coal power was approved, up from 8.63GW in the same period in 2022. In the whole of 2021, 18GW of coal was approved. A Chinese Communist party (CCP) five-year plan from 2016 had placed a heavy emphasis on reducing the use of coal and developing clean…
Confusion surrounds China’s energy policies as GDP and climate goals clash
China’s energy policies are fast creating a type of “emissions ambiguity”, as the twin goals of boosting GDP growth and reducing carbon emissions come into conflict. The uncertainty is whether and when the world’s biggest carbon emitter will start to curb greenhouse gas pollution. The release of the country’s annual statistics communique on Tuesday did not clear things up. As Lauri Myllyvirta, an analyst at Centre for Research on Energy and Clean Air, noted this month, China’s carbon emissions may have risen 1% or fallen by that amount in 2022.…
China approves biggest expansion in new coal power plants since 2015, report finds
China approved the construction of another 106 gigawatts of coal-fired power capacity last year, four times higher than a year earlier and the highest since 2015, research shows. Over the year, 50GW of coal power capacity went into construction across the country – up by more than half compared with the previous year – driven by energy security considerations, the Centre for Research on Energy and Clean Air (CREA) and Global Energy Monitor (GEM) said on Monday. “The speed at which projects progressed through permitting to construction in 2022 was…
China’s future to AI and jobs: five big questions from Davos
A number of big themes emerged from the World Economic Forum in the Swiss resort Davos. Here are five of most pressing questions that came to dominate this year’s gathering of the global elite. Will China be forced to make friends with the west? Donald Trump’s trade war with China – continued by his successor Joe Biden – has left relations between east and west at rock bottom. But with Covid and trade tensions halving Chinese growth last year to just 3% and western businesses such as Apple moving business…
Australian coal industry says China market matters less than before, even if import ban ends
Australia would benefit from a lifting of China’s ban on its coal but any gains would likely be modest as miners have largely redirected supplies elsewhere, analysts said. Shares of ASX-listed coalminers shot up on Wednesday after reports China was considering lifting its restrictions on coal imports from Australia from April. The ban was imposed in mid-2020 amid deteriorating bilateral relations that have since begun to improve. Investors pared back their expectations of a significant boon for exporters on Thursday. Whitehaven Coal shares were down almost 2.5% in early afternoon…
A deal on loss and damage, but a blow to 1.5C – what will be Cop27’s legacy?
On the eve of the Cop27 climate conference that has just finished in Sharm el-Sheikh, the UN secretary general, António Guterres, warned of the stark consequences of failure. “There is no way we can avoid a catastrophic situation, if the two [the developed and developing world] are not able to establish a historic pact,” he said, in an interview with the Guardian. “Because at the present level, we will be doomed.” In the end, after two weeks of fraught and often bitter negotiations, the “historic pact” Guterres wanted was finally…
Lady of the Gobi: trucking coal across the desert to China
On Mongolia’s coal highway to the Chinese border, truck driver Maikhuu dreams of a better life and financial security for her three children. However, the road from the mines to China is riddled with accidents, toxic pollution, poor hygiene and now, amid the Covid crisis, drivers face days of quarantine on the border. Trapped in a hazardous industry, Maikhuu’s journey reflects the human and environmental costs of Mongolia’s mining boom The Guardian
The Guardian view on Biden’s risky gamble: betting on lowering oil prices | Editorial
Joe Biden’s trip to Saudi Arabia this month highlights the paradox of American power. The US has the economic heft to punish an opponent – but not enough to alter the behaviour of a determined adversary. Sanctions will see Russia’s economy contract by 9% next year. But Washington needs more nations to join its camp to halt Moscow’s brutal invasion of Ukraine. Mr Biden has been forced to prioritise war objectives over ethics in meeting Crown Prince Mohammed bin Salman, who the CIA says ordered the barbaric murder of the…
Only 6% of G20 pandemic recovery spending ‘green’, analysis finds
Only about 6% of pandemic recovery spending has been “green”, an analysis of the $14tn that G20 countries have poured into economic stimulus. Additionally, about 3% of the record amounts governments around the world have spent to rescue the global economy from the Covid-19 pandemic has been spent on activities that will increase carbon emissions, such as subsidies to coal, and will do little to reduce greenhouse gases or shift the world to a low-carbon footing. The analysis of the G20 fiscal stimulus spending, published on Wednesday in the journal…