China targets 1.8% cut in average coal use at power plants by 2025

China targets 1.8% cut in average coal use at power plants by 2025
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Updated 03 November 2021

China targets 1.8% cut in average coal use at power plants by 2025

China targets 1.8% cut in average coal use at power plants by 2025
  • Average coal use for electricity generation in China fell by about 17.4 percent in the 15 years till 2020

China flagged on Wednesday it is targetting a 1.8 percent reduction in average coal use for electricity generation at power plants over the next five years, in a bid to lower greenhouse gas emissions.

The target, announced by China’s economic planner, the National Development and Reform Commission (NDRC), comes as the world's top climate negotiators have gathered in Scotland for the COP26 climate talks.

Average coal use for electricity generation in China fell by about 17.4 percent in the 15 years till 2020.

NDRC’s statement did not refer to the UN event, which Chinese President Xi Jinping is not attending and offered no additional pledges in a written response.

By 2025, coal-fired power plants in China must adjust their consumption rate to an average of 300 grams of standard coal per kilowatt-hour (kWh), NDRC said on Wednesday. That compares to 305.5 grams per kWh in 2020.

“Further promoting the energy saving and consumption reduction at coal-fired power units is an effective means to improve energy efficiency and is of great significance for achieving carbon emission peak in the power industry,” the NDRC said.

China, the world’s biggest source of climate-warming greenhouse gases, has vowed to bring its carbon emissions to a peak before 2030 and to achieve carbon neutrality by 2060.

Last week, China published a roadmap on the peak carbon target, aiming to reduce waste, promote renewables and unconventional fuel as well as reform its electricity network.

Carbon dioxide (CO2) emissions from the power generation and heating sectors account for more than 40 percent of total CO2 emissions in China.

Average coal use for power generation in China is down now compared with 370 grams per kWh in 2005.

“The reduction of coal use helped to cut 6.67 billion tonnes of CO2 emissions from the power sector in 2006-2020, or 36 percent of total emission reductions in the industry,” NDRC said.

China’s powerful NDRC is in charge of crafting policies on economic development for the country, with plans and orders issued by the agency expected to be carried out by local and regional authorities.

The NDRC mandated that new power plant projects adopt ultra-super critical units that consume coal at an average rate below 270 grams per kWh. It also said that new water-cooling units in power plants that use more than 285 grams per kWh and air-cooling units that consumer more than 300 grams per kWh will not be allowed.

Further, power plants with average coal use above 300 grams per kWh that cannot be upgraded for energy efficiency improvement will be gradually shut down, NDRC said.

China is also aiming to upgrade 200 GW of coal-fired power plant capacity in 2021-2025 to give its power system, where an increasing portion of renewable energy is being used, the flexibility to switch sources.

NDRC also said it will guide financial institutions to offer more credit support to energy savings projects at coal-fired power plants, and will improve power market mechanisms to benefit coal-fired power units that have completed the upgrade.


TRSDC reveals plans for state-of-the-art Marine Life Institute

TRSDC reveals plans for state-of-the-art Marine Life Institute
Updated 13 sec ago

TRSDC reveals plans for state-of-the-art Marine Life Institute

TRSDC reveals plans for state-of-the-art Marine Life Institute

The Red Sea Development Co has disclosed its design plans for the state-of-the-art Marine Life Institute.

The 10,340 square meter institute is set to boost conservation-driven research, in addition to attracting tourists and marine-lovers from all over the world.

Located in the Triple Bay Marina at AMAALA, the three-story structure will be designed to imitate coral formations and reef patterns, integrating nature within its architecture.

Moreover, the one-of-its-kind project will enhance sustainable and innovative methods to reduce water wastage, pollution, and prevent erosion.

The Red Sea Marine life institute will hold a capacity of 650 guests at once, starting their magical journey with a "Grand Reveal" of the world’s largest man-made reefs.

Moving on, the guests will be taken on a plethora of activities—walking through underwater paths, snorkeling with rare species,exploring research labs,  and diving the depth of the Red Sea in a submarine.

“The Red Sea Marine Life Institute will take guests on a vibrant, educational, and awe-inspiring journey that unveils the natural wonders of the Red Sea and blurs the boundaries between the institute and the ocean,” stated Gerard Evenden, Head of Studio at Foster + Partners, the architectural design firm working on the project.

 “With 10 zones that provide everything from augmented reality experiences to night diving, and spaces for the scientific community to effectively progress their environmental projects, the Red Sea Marine Life Institute is undeniably unique,” said John Pagano, Group CEO of TRSDC.


Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report

Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report
Updated 11 min 5 sec ago

Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report

Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report

RIYADH: Saudi Arabia has topped the G20 countries for the flow rating of international tourists in the first seven months of 2022, according to a report released by the World Tourism Organization.

The report, released during the G20 tourism ministers’ meeting held in Bali, Indonesia, did not detail the exact number of travelers who visited the Kingdom, but claimed the sector saw a growth rate of 121 percent in the first half of 2022.

During the event Saudi Arabia’s tourism minister Ahmed Al-Khateeb said the surge in tourist inflow aligns with the Kingdom’s economic diversification policies and aims to increase tourism’s contribution to the country’s gross domestic product, as outlined in Vision 2030, the Saudi Press Agency reported.

Calling Saudi Arabia one of the fastest growing markets for tourism, Al-Khateeb said the Kingdom’s tourism sector is accelerating at a rate of 14 percent compared to the pre-coronavirus pandemic period. 

The tourism minister stressed that G20 countries need to collaboratively work together to build a more resilient and sustainable future for the sector.

According to Al-Khateeb, collective action is necessary to revive the tourism sector which has been negatively impacted due to the outbreak of the pandemic.

He also stressed the necessity of partnerships between the public and private sectors and multilateral cooperation in order to shape an efficient tourism sector for the future.

“Collaboration is key as we strive to secure a more resilient and sustainable future,” Al-Khateeb said.

He added: “Let us continue working together across sectors to drive our continued growth. Let us continue to support one another to take collective action to shape a more resilient sector and let us build sustainability into the core of every decision we make.”

Earlier in June, Al-Khateeb said that Saudi Arabia has allocated $100 million to provide training for 100,000 people to work in the tourism and sustainability sector.

He added that 90 hotels were launched in the Kingdom as a part of its tourism strategy, and more hotels will be opened soon, with 70 percent being funded by the private sector.

Al-Khateeb, in June, told AFP that the Kingdom is hoping to attract 12 million foreign visitors in 2022, up from the 4 million tourists who visited Saudi Arabia in 2021.

“Saudi Arabia will change the tourism landscape globally. The destinations that Saudi will offer by 2030, it’s something completely different,” he said.


OPEC+ supply cut essential to buoy oil prices, UBS says

OPEC+ supply cut essential to buoy oil prices, UBS says
Updated 27 September 2022

OPEC+ supply cut essential to buoy oil prices, UBS says

OPEC+ supply cut essential to buoy oil prices, UBS says

RIYADH: An oil production cut by the Organization of the Petroleum Exporting Countries and allies is vital to break the negative momentum in prices amid recession fears and a stronger dollar, analysts at UBS said on Tuesday.

“A lack of action by the group to remove barrels from the market is likely to spur further downside pressure on oil prices,” UBS said in a note.

“The group has to announce a production cut of at least 0.5 million barrels per day over the coming days.”

The Organization of the Petroleum Exporting Countries, Russia and other producers known as OPEC+, is scheduled to meet next on Oct. 5.

Crude is falling on fears that a recession will lead to weaker demand and a better supplied oil market, UBS said, adding that the broader risk-off environment caused by aggressive monetary policy tightening in the US and Europe was also weighing on prices.

Oil prices on rose more than 1 percent on Tuesday, after plunging to nine-month lows a day earlier, amid indications that producer alliance OPEC+ may enact output cuts to avoid a further collapse in prices. 


Saudi Islamic finance firm Nayifat appoints new CEO

Saudi Islamic finance firm Nayifat appoints new CEO
Updated 27 September 2022

Saudi Islamic finance firm Nayifat appoints new CEO

Saudi Islamic finance firm Nayifat appoints new CEO

RIYADH: Nayifat Finance co. has named Bandar Al-Baiz as CEO and managing director of the company following a formal approval by its board, a bourse filing shows.

This follows the resignation of CEO Abdulmohsen Musaed Al-Sowailem in May and the appointment of Chan Kok Veng as its acting chief in June.

The Islamic finance firm has also announced the appointment of Saleh Al Omair as a chairman and Abdulmohsen Al-Saleh as a vice chairman.

The firm’s shares increased 0.17 percent to SR22.98 ($6), as of 10:08 a.m. Saudi time.


TASI regains some momentum after dropping below 11k points: Opening bell

TASI regains some momentum after dropping below 11k points: Opening bell
Updated 27 September 2022

TASI regains some momentum after dropping below 11k points: Opening bell

TASI regains some momentum after dropping below 11k points: Opening bell

RIYADH: Saudi Arabia’s main index gained momentum after dropping below 11,000 points on Monday on fears of a global recession sparked by aggressive monetary tightening around the world.

The Tadawul All Share Index gained 1.04 percent to reach 11,022 in early trade on Tuesday, while the parallel market Nomu started almost flat at 19,723, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started with a 0.29 percent gain, while Rabigh Refining and Petrochemical Co. added 1.05 percent.

The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.

The Kingdom’s most valued bank Al Rajhi rose 1.15 percent, while Alinma Bank gained 0.58 percent.

Anaam International Holding Group continued to lead the gainers since yesterday’s trading session with a 6.83 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.

Abdulmohsen Alhokair Group for Tourism and Development rose 4.52 percent after signing two contracts totaling SR94 million with a company specializing in establishing and operating international brands.

Saudi Paper Manufacturing Co. gained 1.38 percent, after it invited its shareholders to vote on raising its capital to SR337 million, following approval by the Capital Market Authority.

Nayifat Finance Co. added 0.17 percent, after it named Bandar Al-Baiz as managing director and CEO, as well as Saleh Al Omair as chairman and Abdulmohsen Al-Saleh as vice chairman.