China’s new coal plants risk 2060 climate target, researchers say

China’s new coal plants risk 2060 climate target, researchers say
A coal mine in northern China’s Shanxi province. China must stop building new coal power plants and increase its wind and solar capacity if it wants to become carbon neutral by 2060, experts say. (AFP)
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Updated 21 November 2020

China’s new coal plants risk 2060 climate target, researchers say

China’s new coal plants risk 2060 climate target, researchers say
  • ‘Coal power should be phased out rapidly in a cost-effective manner’

BEIJING: China must stop building new coal power plants and ramp up its wind and solar capacity if it wants to become carbon neutral by 2060, researchers said on Friday.
A new report published by the Helsinki-based Center for Research on Energy and Clean Air warned that overcapacity of existing plants and new ones being built mean it will be hard for Beijing to meet the much-lauded climate goal promised by President Xi Jinping earlier this year.
The research organization called for the Chinese government to shut down all new coal-fired power plants built from 2020 and double the growth of wind and solar power in the next decade.
The country should aim to whittle its coal fleet down to about 680 gigawatts by 2030 — instead of current plans to expand it to about 1,300 gigawatts, it said.
Without proper policy intervention to retire these surplus plants early and halt the construction of new ones, the researchers claimed the level of carbon dioxide
emitted by China would show almost no reduction compared to this year’s level.
“The power section needs to achieve zero emissions as soon as possible,” the report said. “Coal power should be phased out rapidly in a cost-effective manner.”
As part of the plan to reach carbon neutrality by 2060, China also pledged to reach its peak carbon emissions by 2030, which researchers claim needs coal-fired power to start reducing almost immediately.
“As long as coal consumption continues to drop significantly, peaking carbon emissions before 2030 will be a relatively
achievable goal,” Yuan Jiahai, Professor at North China Electric Power University, said in the report.
One way to reach this target, the report says, is to set a high carbon price in the carbon trading market, in turn incentivising the carbon-emitters to reduce coal-fired power generation.
The report also called for coordination among the Chinese government, think tanks and other NGOs to ensure the visibility and transparency of the process.
China’s carbon promise, announced in September in a speech by Xi to the UN, came as a surprise as Beijing has relied heavily on coal to spur its economic emergence from poverty to superpower status over the past few decades.


Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Engaging in any action or behavior aimed at creating a false or misleading impression indicating active trading transaction on a specific security, which is contrary to the truth is also illegal. (File/Shutterstock)
Updated 04 December 2020

Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Saudi Arabia’s Public Prosecution affirmed that it is prohibited by law to intentionally take any action that creates a false or misleading impression about the capital market, prices, or value of any security or to induce third parties to buy, sell, or subscribe to this security.

It stated in a tweet that this is one of the serious crimes that require arrest, according to the Public Prosecutor's decision No. (1) dated 1/1/1442.

The following actions are considered fraudulent:

Engaging in any action or behavior aimed at creating a false or misleading impression indicating active trading transaction on a specific security, which is contrary to the truth.

Performing a series of transactions on a specific security to influence on a particular stock.

Conducting a series of trades on a specific security, such as buying and/or selling a security, with the aim of price stabilization.

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