Beijing lifts renewable subsidy for 2021

Beijing lifts renewable subsidy for 2021
People wearing face masks to protect against the coronavirus wait to cross an intersection in Beijing, Friday, Nov. 20, 2020. (AP)
Short Url
Updated 21 November 2020

Beijing lifts renewable subsidy for 2021

Beijing lifts renewable subsidy for 2021
  • Wind farm operators and biomass generators did see their overall subsidy for 2021 drop by 24.3 percent and 18.5 percent year-on-year, respectively, to 2.31 billion yuan and 59.78 million yuan

BEIJING: China’s Ministry of Finance said that it had set the country’s renewable power subsidy for 2021 at 5.95 billion yuan ($905.7 million), up 4.9 percent from this year, thanks to a big increase in the allocation to solar projects.
The subsidy will go to wind farms, biomass power generators and distributed solar power operators, as well as solar power projects for poverty alleviation purposes, in 14 Chinese regions, according to a statement from the ministry’s Central Budget and Final Accounts Public Platform.
China, the world’s biggest energy consumer, had slashed the subsidy in 2020 from the previous year by about 30 percent as it aimed to stop funding large producers of electricity from renewable sources to make them compete with coal-fired utilities and achieve grid-price parity.

HIGHLIGHTS

● 2021 subsidy for 2021 is 5.95 billion yuan.

● Solar power subsidy at 3.38 billion yuan.

● China aims to peak CO2 emissions by 2030.

However, a surge in new capacity — amid a sharp fall in the manufacturing costs for renewable energy components — has left the finance ministry with a subsidy backlog that was expected to reach as much as 300 billion yuan by the end of this year.
Wind farm operators and biomass generators did see their overall subsidy for 2021 drop by 24.3 percent and 18.5 percent year-on-year, respectively, to 2.31 billion yuan and 59.78 million yuan. But total subsidies for solar projects have been set at 3.38 billion yuan, up 56.8 percent from this year, with the lion’s share being allocated to China’s Inner Mongolia region.
China aims to peak carbon dioxide emissions by 2030 and achieve carbon-neutrality before 2060.


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.

Powered by Argaam