CHINA SLOWING COAL APPROVALS: China is dramatically slowing down its approvals of coal power projects, a new analysis shows, suggesting that renewable energy additions are proving sufficient to feed the country’s grid.
According to research released by the Centre for Research on Energy and Clean Air , China has reduced coal power permits by 83% compared to the first half of 2023, permitting only 9 gigawatts in the first six months of this year. Notably, there was also a reduction of new and revived coal power plant proposals, totaling 37 GW, in early 2024 – down from 60 GW in early 2023.
Why this matters: China has been dinged by other nations for continuing to rely on coal as other economies have shifted more toward renewables and natural gas. China has received the brunt of criticisms at the United Nations’ global climate summits, in particular for its financing of fossil fuel projects worldwide under their Belt and Road Initiative.
At last year’s conference, otherwise known as COP28, China had confirmed its current target of reaching peak emissions before 2030. However, the country, along with India, refused to sign a pledge for tripling the world’s wind and solar capacity due to its language around ending investment in coal.
Notable stat: Since 2023, China has added over 400 GW of new solar and wind power.
But: The report does note that coal isn’t expected to be completely retired in China anytime soon. In the first half of the year, construction began on over 41 GW of coal projects – matching the levels of construction in 2022 and making up more than 90% of global new coal construction activities.
China’s government still has a goal of commissioning 80 GW of coal-fired capacity in 2024 – so there’s a possibility that a majority of these project completions could come in the latter half of the year.
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BP SHARES DROP TO NEW LOWS: BP’s shares have fallen to its lowest in two years, as the company faces repercussions from investors for shifting its business away from fossil fuels, Bloomberg writes.
What happened: Shares for the company decreased as much as 1.4% today to 424.55 British pence in London – the lowest since September 2022.
Why this matters: This could put pressure on the new Chief Executive Officer Murray Auchincloss to diverge from his strategy of shifting toward renewable technologies – which started under his predecessor Bernard Looney . The oil major’s profits are still overwhelmingly dependent on fossil fuels.
“BP pivoted hard toward the energy transition under Bernard Looney around the time of maximum interest in green energy solutions and very low interest rates,” Henry Tarr, an analyst at Berenberg, told Bloomberg. “Since then commodity prices have recovered, making the legacy upstream business seem more attractive, while higher interest rates and more competition has left some low-carbon businesses looking less attractive.”
A notable statistic: The company’s total returns in the last five years were just 14% – the lowest amongst its competitors. More on that here.
INDIA TOPS CHINA FOR RUSSIAN OIL IMPORTS: India surpassed China as the top importer of Russian oil last month, Reuters reports , a result of sanctions from Western nations causing oil flows to be rerouted and tepid demand in China.
By the numbers: Russian crude made up 44% of India’s overall imports last month, reaching roughly 2 million barrels per day – both record-breaking figures for India. Russian imports are 4.2% higher than in June, and 12% more compared to a year ago. Those numbers eclipsed China’s July oil imports from Russia of 1.76 million bpd.
The crux: Indian refiners have been benefiting from Russian oil sold at discounts, and trade between the two countries has increased since Russia invaded Ukraine in 2022. India’s increased purchases have changed the route of Russian crude from China to South Asia.
China has been one of the largest buyers of Russian oil because of its proximity to the country, but demand has fallen over time. More on that here.
CLIMATE ACTIVISTS PROTEST DNC FOSSIL FUEL PANEL: A group of climate activists protested an oil and gas panel at the Democratic National Convention yesterday, highlighting the tensions between climate hawks of the party and the fossil fuel industry.
As E&E News outlines , four activists infiltrated a Punchbowl News event that featured a number of fossil fuel industry representatives and policymakers. The protesters were able to find a staircase to enter the event when security guards barred them from the main elevator.
“I’m a Democratic National Committee member, and I am here because Exxon lied and people died,” said RL Miller , the political director of Climate Hawks Vote.
“Exxon lies, people die,” Miller and her colleagues chanted as they were escorted out of the room.
Some background: Three climate groups – Friends of the Earth, Climate Hawks Vote, and Oil Change U.S. – released a statement scorning the event hosted by Punchbowl. The event featured an interview with Rep. Lizzie Fletcher, a centrist Democrat representing an oil and gas producing district, and a conversation with Vijay Swarup , Exxon Mobil’s senior director for climate strategy and technology. The organizations protested the entire line-up, but focused much of their ire toward Exxon Mobil. Read more on that here.
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