NRG matters - China to ramp up coal output by 300m tons; UK taking steps to achieve net-zero economy by 2050

Despite efforts to slash carbon emissions, China is set to ramp up coal production. Reuters
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Updated 25 April 2022
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NRG matters - China to ramp up coal output by 300m tons; UK taking steps to achieve net-zero economy by 2050

RIYADH: Countries around the world are looking for different options to meet their energy requirements. Ukraine, for example, is seeking help from the International Atomic Energy Agency to operate nuclear plants safely amid the ongoing war with Russia. China, on the other hand, is allowing for a coal comeback to curb energy shortages, and the UK is urging financial firms and listed companies to publish strategies to achieve a net-zero economy.

Looking at the bigger picture: 

  •   Ukraine has requested a comprehensive list of equipment from the International Atomic Energy Agency to help it operate its nuclear plants in the light of geopolitical tensions with Russia, Reuters reported, citing IAEA Director General Rafael Grossi.

The equipment includes power supply systems, radiation measurement devices, computer-related assistance, among others.

  •  Despite efforts to slash carbon emissions, China is set to ramp up coal production by 300 million tons in 2022, Bloomberg reported, citing official plans. 

This comes as the Asian country tries to recover from the drop in economic growth because of energy shortages, which resulted in blackouts and plants shutting down.

  •  The UK has revealed plans to write rules urging financial companies and listed firms to publish strategies in 2023 to back targets to transition to a net-zero economy by 2050.

The strategies by each firm should include goals to diminish climate risk, interim goals in the period between 2023 and 2050, and the measures which the firms intend to take in order to meet those goals, Reuters reported, citing British Finance Minister, Rishi Sunak.


Saudi energy minister holds series of high-level meetings to cement collaborations

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Saudi energy minister holds series of high-level meetings to cement collaborations

RIYADH: Saudi Arabia’s Minister of Energy held a series of strategic meetings in Riyadh with senior ministers from various counties, in a diplomatic push to bolster international energy collaboration.

Officials from Greece, Brazil, and Morocco were among those to meet with Prince Abdulaziz bin Salman, as well as representatives from Libya and Pakistan.

The discussions centered on expanding cooperation across a wide spectrum of energy sectors, from traditional hydrocarbons to cutting-edge clean technologies, according to the Saudi Press Agency.

The engagements underscored Saudi Arabia’s proactive role in shaping the global energy transition through bilateral partnerships. A consistent theme across the talks was the dual focus on securing energy supplies and advancing climate-related solutions, including renewable power, clean hydrogen, and carbon management.

Deepening European and South American ties

Prince Abdulaziz bin Salman met with Greece’s Minister of Environment and Energy, Stavros Papastavrou. Building upon a previously signed Memorandum of Understanding, the two officials explored avenues for joint cooperation in oil and gas, electricity, and renewables, as well as other related sectors.

In a separate meeting with Brazil’s Minister of Mines and Energy, Alexandre Silveira, the parties discussed prospects for collaboration across various energy domains. They reviewed means to enhance coordination, particularly in electricity, renewables, oil and gas, and the exchange of technical expertise.

Signing a program with Morocco

A key outcome emerged from the meeting with Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali. Following their discussions on mutual interests, investment opportunities in renewables, and energy efficiency, the two sides signed an executive cooperation program.

This program, falling under an MoU signed in May 2022, aims to concretize the energy partnership. Its goals are boosting mutual investments in renewable projects and enabling national companies to collaborate on renewable energy projects.

It also encompasses using renewables in development projects, establishing joint research and development centers, and facilitating training and knowledge transfer.

Strengthening regional and Islamic cooperation

Prince Abdulaziz also conferred with Libya’s Minister of Oil and Gas, Khalifa Rajab Abdulsadek. Their meeting focused on energy cooperation, including energy technologies and solutions, as well as enhancing investment opportunities in renewables and energy efficiency.

Discussions with Pakistan’s Minister of Petroleum, Ali Pervaiz Malik, covered shared interests in oil and its supplies, renewable energy, energy efficiency, joint investment opportunities, and the exchange of expertise in project, policy, and regulatory development.

This flurry of diplomatic activity highlights Saudi Arabia’s comprehensive energy strategy, which seeks to maintain its leadership in traditional energy markets while pursuing a stake in the future clean energy economy.