Financial Sector July 11 News European carbon reduction policy is backsliding! Germany reportedly intends to amend the draft law to revoke the key climate target of "neutralizing greenhouse gas emissions in the energy sector by 2035."
Germany's House of Lords recently approved an energy bill that includes new renewable energy expansion targets, gas import plans, and a possible return of coal- and oil-fired generating units to the electricity market.
In addition, the German government has previously blurred the deadline for the phase-out of coal-fired power plants, allowing coal-fired and oil-fired generating units to return to the German market, and the passage of the draft law means that coal power no longer conflicts with local environmental protection goals at this stage.
UN warns multiple crises jeopardize 2030 Sustainable Development Goals global coal power 'make a comeback'
The 2022 Sustainable Development Goals Report released by the United Nations on the 7th warned that multiple crises that overlap each other endanger 17 Sustainable Development Goals, and the international community must make new efforts to save the 2030 Agenda for Sustainable Development.
The report said the climate crisis, the COVID-19 pandemic and increasingly frequent conflicts put 17 SDGs at risk, with "cascading and stacked crises" having implications for food and nutrition, health, education, the environment and peace and security.
According to China Energy News, affected by the recent tight energy supply, Germany, the United Kingdom, France and other countries have successively called for energy conservation, while changing the attitude of "abandoning coal" all along, saying that they will increase coal-fired power generation and make up for the energy supply gap caused by natural gas shortages.
In addition to Europe, in order to ensure energy supply, India, Japan, South Korea and other countries have also increased coal consumption. India's coal production rose 33.88% to 71.3 million tonnes in May, compared to 53.25 million tonnes in the same period last year, according to data released by the Ministry of Coal.
Reuters wrote that Europe, which is currently in the summer, is constantly being hit by heat waves, and the demand for electricity has risen repeatedly, driving the demand for natural gas to continue to be high, and the more severe test may be in the coming winter. At that time, the gas supply situation in Europe is likely to deteriorate further, which will become a new challenge for Europe.
BP (BP.US) has released the 2022 edition of the World Energy Statistics Yearbook. The data shows that global energy consumption will grow by 5.8% in 2021 due to accelerated economic activity, exceeding pre-pandemic levels. The rapid economic recovery also increased greenhouse gas emissions by 5.7 percent, close to 2019 emissions. The data shows that global coal consumption grew by more than 6% in 2021, slightly higher than in 2019 and the highest increase since 2014.
The EU's adoption of the act banning the sale of fuel vehicles was opposed by Germany
On June 8, local time, the European Union passed the ban on the sale of fuel vehicles, stopping the sale of new fuel vehicles in the EUROPEAN Union from 2035, and the ban order includes hybrid vehicles. The European Parliament voted 339 in favour, 249 against and 24 abstentions. Among them, Germany, Poland and others expressed opposition.
German Finance Minister Christian Lindner said the German government would not agree to the EU's plan to actually ban the sale of fuel vehicles from 2035, and he believed that there would still be a large market for fuel engines, so the ban was wrong, and the German government would not agree to let the ban plan become legislation.
The U.S. Supreme Court restricted the EPA from regulating carbon emissions
The U.S. Supreme Court ruled June 30 in West Virginia v. The U.S. Environmental Protection Agency (EPA) to limit the EPA's power to use the Clean Air Act to regulate greenhouse gas emissions from power plants. It was a landmark U.S. Supreme Court ruling in a case that severely limited the federal government's ability to combat climate change.
Lose to the reality of high inflation! Biden has constantly called out oil majors to win over Oil producers in the Middle East
High oil prices could have been a strategy to force the energy transition, but in the face of the highest inflation in 40 years, US President Joe Biden is actively demanding more crude oil production to curb high oil prices.
According to the Global Times, in June, Biden wrote a letter to several U.S. oil companies asking them to help the United States lower oil prices. Biden, who was already angry and corrupt, even denounced these big chaebols in his letter for "hoarding and hoarding" and "making war money".
On July 3, Biden tweeted that U.S. gas stations cut prices in response to high U.S. oil prices. Biden tweeted to U.S. oil gas station operators: "This is an era of war and global crisis, lower the price you charge at tankers to reflect the cost you pay for the product, do it now." ”
According to the white house's previously released schedule, US President Biden will visit Israel, the West Bank and Saudi Arabia from July 13 to 16.
Some analysts believe that Biden's trip to the Middle East has two considerations. First of all, driven by the Russian-Ukrainian conflict, the obstruction of the Iranian nuclear agreement negotiations, and the global energy and food crisis, the United States has the need to rebuild its traditional alliance with the Middle East, and may continue to ask Arab countries to choose sides and cooperate with the United States and the West to isolate Russia and Iran.
Second, the Biden administration is also eager to persuade Gulf oil producers such as Saudi Arabia to increase oil production to alleviate the global energy crisis caused by sanctions against Russia and the growing inflation in the United States.
Geopolitical experts now generally say that Biden's trip to the Middle East this week will mark a return to a shift in the U.S. government's foreign policy toward Saudi Arabia in a more traditional direction: The pressing realities of oil diplomacy and geopolitics are forcing Biden to compromise — abandoning campaign promises and no longer isolating Saudi Arabia on human/rights issues.
Sri Lankan state bankruptcy More than 70 countries could follow suit
The energy and food crises have also brought political crises to some poor countries. Sri Lanka, for example, has just seen massive protests and people occupy the presidential and prime ministers' palaces.
According to CCTV News, according to the Sri Lankan Prime Minister's Office, on the morning of July 11, local time, Sri Lankan President Gotabaya Rajapaksa has notified the Prime Minister to formally announce his resignation.
The second round of crisis in Sri Lanka was primarily due to the sharp contraction in international tourism revenues due to the COVID-19 pandemic.
According to reports, Sri Lanka already has a foreign exchange shortage in early 2021. At that time, in order to prevent the rapid outflow of foreign exchange, Sri Lanka announced a ban on fertilizer imports, resulting in a sharp failure in agricultural harvests, including tea, which also generated a little foreign exchange earnings. The government had to spend more foreign exchange to import food, resulting in an even greater shortage of foreign exchange.
The sudden outbreak of the Ukraine crisis in early 2022 exacerbated the sharp rise in international energy prices and food prices, and Sri Lanka was completely plunged into a debt crisis.
The United Nations estimates that about 80 percent of Sri Lankans are on diet to cope with food shortages and record inflation.
In a May report in the Wall Street Journal, the United Nations said the food, fuel and financial crises triggered or exacerbated by the Conflict between Russia and Ukraine could destabilize poorer countries, leading to debt defaults in more than 70 countries following sri Lanka's footsteps.
China is carrying the banner of carbon reduction
Since the paris agreement was reached, more than 30 countries and regions, including the European Union, Canada, Japan, and China, have issued their own carbon peak or carbon neutral policy goals, in which China announced that carbon dioxide emissions will strive to peak by 2030 and strive to achieve carbon neutrality by 2060.
In recent years, the mainland has issued a series of relevant laws, regulations and policies on the utilization of renewable resources, which have played a good role in guiding and promoting the level of renewable resource utilization and the establishment and improvement of a green and low-carbon circular development system.
According to the "14th Five-Year Plan" circular economy development plan, by 2025, the mainland's resource recycling industrial system will be basically established, the resource recycling system covering the whole society will be basically completed, the efficiency of resource utilization will be greatly improved, and the proportion of renewable resources replacing native resources will be further improved. The renewable resources industry has accelerated its development, the market space has opened rapidly, and related enterprises will also usher in a period of rapid growth.
The China Renewable Energy Development Report 2021 expects high growth in new energy installed capacity in 2022. The report predicts that photovoltaics will enter the development stage of centralized and distributed go hand in hand, and China's new photovoltaic installed capacity is expected to reach 100GW in 2022, an increase of 82% year-on-year; In 2022, wind power shows a steady development trend, and the new installed capacity of land wind in the country is expected to exceed 50GW, the new installed capacity of sea wind is about 6GW, and the installed capacity of new wind power is 56GW, an increase of 18% year-on-year。
This article originated from the financial world
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