China Aims Peak Carbon Emissions Before 2030

Chinese government announced that it plans to reach peak carbon emissions before 2030. As part of the plan, the government said it would look to reduce waste, boost renewable energy use and reform electricity network. The plan also reaffirms China’s aim to bring wind and solar capacity to 1,200 GWs by the end of the decade.

China has been battling against an energy crunch and trying to increase coal production and import. China’s State Council said it would boost efforts to build more flexible power systems that allow the use of renewable energy sources to be increased.

The new plan also includes building hydroelectric plants along Yangtze, Mekong and Yellow Rivers and offshore nuclear plants.

Chinese government wants energy hungry industries to be more energy efficient. China’s state planning agency said last week that it expected those industries to have higher efficiency standards by 2025.

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Mineral Prices to Keep Rising Because of Underinvestment

A commodity price super cycle that is driven by energy transition could be on the cards for the foreseeable future because of an underinvestment in mining sector in the current inflationary economic environment. Analysts and industry executives are concerned that coal prices could be pushed over $1,000 per ton. Mining industry finds it hard to secure funds for new projects today than 20 years ago, which spurs them to look for financing from unconventional sources like niche fund managers, high wealth individuals, royalties and crowd funding. Inflation and supply chain issues are also forcing developers to raise costs expectations on projects that were considered eminently bankable two years ago, making it even harder to secure enough finance.

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