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China to quit coal baseload power by 2050: Think tank
China to quit coal baseload power by 2050: Think tank
Singapore, 20 November (Argus) — Coal power in China will shift from being a baseload to a backup power source by 2050, according to a government-linked think tank last week. China is expected to move to a cleaner energy system with solar and wind power as its core, displacing coal as the main power source, according to the China Energy Transformation Outlook 2024 released on 13 November at the Cop 29 climate conference in Baku, Azerbaijan. The Energy Research Institute of the Chinese Academy of Macroeconomic Research, a think tank under China's National Development and Reform Commission, was the key contributor to this report. Installed renewable power capacity is projected to account for 95pc of China's potential total capacity of 10,530-11,820GW in 2060, before which China aims to achieve carbon neutrality, according to the report. Renewable sources are expected to generate 93pc of power in 2060. This would be a significant change from the current mix in China. Renewables made up 52pc of total capacity of 2,920GW in 2023, while thermal power capacity was 48pc, according to China's National Energy Administration. Renewable sources and thermal power, which is mainly coal-fired, generated 30pc and 70pc of power respectively in 2023, according to the country's National Bureau of Statistics. "By 2050, coal power will preliminarily serve as an emergency and backup resource for the grid, providing essential support in critical power events," the report said. Solar and wind Significant growth in solar and wind installations is expected to lead China's energy transition, supported by lower costs. Solar power capacity is projected to reach 6,370-7,240GW in 2060, accounting for two-thirds of total capacity, while wind power capacity could reach 2,950-3,460GW, according to the report. Among the installed solar capacity, 70pc will be distributed systems, which are smaller power generation systems compared to large, utility-scale systems. Costs of solar and wind power generation in China have fallen by 80pc and 60pc respectively over the past decade, the report said. The report elaborated on ways to manage the volatility of renewable sources via various energy storage systems. Solar power output usually increases rapidly during the day with abundant sunlight. When output exceeds the power load, energy is stored in pumped hydro, chemical, hydrogen and electrofuels, electric vehicles and industry demand response storages. These storage systems can then discharge electricity to generate power in the evening when solar output stops, and when wind output is low. New energy storage solutions are expected to support increased electrification in China, which will play a key role in reducing the country's carbon emissions, the report said. Electrification involves replacing technologies or processes that use fossil fuels with electrically-powered equivalents, such as electric vehicles. By Jinhe Tan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
UK launches global clean power group at G20
UK launches global clean power group at G20
Rio de Janeiro, 19 November (Argus) — UK, Brazil and 10 other countries have signed on to a new initiative to support renewable power project development in both developed and developing countries. The Global Clean Power Alliance, launched during the G20 summit in Rio de Janeiro, Brazil, by UK prime minister Keir Starmer, aims to have countries share expertise to meet UN Cop 28 climate summit commitments to triple renewable energy and double energy efficiency. The alliance will "... accelerate the transition to clean energy, reduce energy bills, increase energy security and reduce emissions around the world," Starmer told journalists at the G20 summit. Among the first of several 'missions' the alliance will tackle to address energy transition challenges will be the finance mission, which will co-chaired by Brazil. It will "harness the political leadership needed to unlock private finance on a huge scale, so that no developing country is left behind," the UK said. "Brazil signing up to our finance mission is a huge vote of confidence ahead of the crucial Cop 30 summit in Belem next year," British energy minister Ed Miliband said. Other alliance members are Australia, Barbados, Canada, Chile, Colombia, France, Germany, Morocco, Norway, Tanzania, the African Union. The US and the EU are also expected to join the initiative. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Cop: Norway spending $740mn on Paris carbon credits
Cop: Norway spending $740mn on Paris carbon credits
Baku, 19 November (Argus) — Norway on Tuesday launched a new initiative to buy carbon credits from developing nations under the Paris climate agreement, which will help it meet its emissions goals while financing decarbonization in other countries. The Norwegian Global Emission Reduction Initiative, with initial funding of $740mn, will use Article 6.2 agreements — bilateral agreements on carbon mitigation projects — to support emissions mitigation actions in developing countries. This is in turn will generate Paris agreement carbon credits known as internationally transferred mitigation outcomes (Itmos). Norway can use the Itmos toward its Paris emissions targets. In addition, the country believes its use of the agreements will help close the financing gap for emissions reductions in developing countries. "By working together, we can raise our collective climate ambition and increase the speed of green growth", Norwegian environment minister Tore Sandvik said at the programme's launch at the UN Cop 29 climate talks in Baku, Azerbaijan. The first agreements under the initiative are with Benin, Jordan, Senegal and Zambia. Zambian officials said the country will use the money it receives to support a plan it launched earlier this year to build more renewables such as wind and solar, lessening its dependence on hydropower, which accounts for more than 80pc of its electricity generation. "Our anticipation for Article 6 is that it will be concluded and operationalised at this Cop 29 so that it becomes part of our core financing for grid connected renewable power generation", said Douty Chibamba, permanent secretary of the country's ministry of green economy and environment. Article 6 of the Paris accord aims to help set rules on global carbon trade. A number of final issues for implementing Articles 6.2 and 6.4 still need to be finalised in Baku, but countries are allowed already to enter into bilateral agreements. Zambia signed one with Sweden in August . Norway said the credits will help support its goal of becoming carbon neutral by 2030. The credits could also be used to cover any shortfall in the country's nationally determined contribution (NDC), or emissions reduction pledge, under the Paris Agreement in the event the EU does not meet its 55pc by 2030 reduction target. Norway is not a member of EU but is counting on cooperation between the two to achieve its NDC. Under Article 6.2 of the Paris agreement, an exported Itmo can no longer be put towards the project host country's NDC. Sandvik said the program will set strict requirements to ensure the integrity of projects "and includes strong safeguards against corruption and human rights violations." Funding for the program could increase beyond $740mn as early as next year, if Norway's parliament agrees to the government's budget request. Norway also pledged up to $100mn to a fund in collaboration with the Global Green Growth Institute (GGGI) that will help the country develop programs and manage payments when emissions reductions are achieved. By Michael Ball Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
G20 mayors call for $800bn/yr to address climate change
G20 mayors call for $800bn/yr to address climate change
Rio de Janeiro, 19 November (Argus) — Mayors from G20 countries are asking for at least $800bn/yr in investments by 2030 to tackle the effects of climate change. "We need better and faster access to international financing to ensure infrastructure that supports the socioeconomic security of our communities," Rio de Janeiro's mayor Eduardo Paes said. The joint statement from nearly 60 mayors and urban leaders was drafted during the Urban20, a G20 forum that includes leaders from major cities worldwide, and was delivered to Brazilian president Luiz Inacio Lula da Silva. The statement will also be delivered to other G20 members during the ongoing G20 summit in Rio de Janeiro. Climate change is one of the main topics being debated at the G20 summit. Brazil, which holds the G20 presidency this year, has set the energy transition as one of its goals for the year. The group reaffirmed its support for the Paris Agreement climate goals , saying it "fully subscribes" to the Cop 28 deal struck last year, which included language on transitioning away from fossil fuels. Urban investments such as low-emission transport, clean energy, and climate-resilient infrastructure can "significantly reduce emissions" and boost economic growth, according to the statement. The funding could unlock around $23.9 trillion in returns by 2050, it said. The $800bn/yr would cover around 20pc of urban climate finance needs and "serve as a catalyst for additional private sector funding," according to the Global Covenant of Mayors for Climate and Energy, a non-government organization for climate leadership that comprises over 13,000 cities worldwide. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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