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Energy
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  • It is inevitable that we will crash through 1.5 degrees Celsius, probably within 10 to 15 years, director of Potsdam Institute for Climate Impact Research says
  • Asia has a particular opportunity as far as innovation in green technologies is concerned and could show the way for a global economy of the future

‘Excess capacity poses risks not only to American workers and firms and to the global economy, but also to productivity and growth in the Chinese economy,’ Yellen says.

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The nation’s largest oil and gas producer says it is on track to peak carbon emissions next year and double the contribution of low-carbon energy to its output capacity over two years, top leaders say.

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Contemporary Amperex Technology is not worried about overcapacity, and in fact will crank up output of its more technologically advanced products, said Robin Zeng, president and chairman of the company better known as CATL.

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Towngas, which last raised its basic tariff by 4.4 per cent in August 2022, is under pressure to lift gas tariffs this year ‘as we need to invest further in our network infrastructure’, managing director Peter Wong says.

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At least nine major refineries have been successfully attacked this year, currently taking offline 11 per cent of Russia’s total capacity by some estimates.

China’s 2025 decarbonisation goals are in danger of veering off track after policymakers redefined a key energy target that could drive emissions higher, climate experts warn.

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The UN’s World Meteorological Organization’s report confirmed preliminary data indicating that last year was by far the hottest year ever recorded/

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‘Modest adjustments’ to plans for use of electric arc furnaces versus coal-fired furnaces would accelerate emissions cuts, US think tank Global Energy Monitor says.

Confidence is eroding, as the percentage of executives predicting net zero by 2060 instead of 2050 rises to 62 per cent from 54 per cent a year ago.

Russian officials reported attacks on energy facilities, including a fire at Lukoil’s Norsi refinery and a drone destroyed on the outskirts of the town of Russia’s second largest oil refinery.

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The world’s third-largest coal miner, after China and India, undercounts methane emissions from production of the fuel, jeopardising the nation’s international climate commitments.

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CLP will source more nuclear energy from China’s Guangdong province to feed its power grid and sees business opportunities in decarbonisation as it phases out coal-based assets.

Despite the energy firm saying it holds the necessary permits, conservationists say some indigenous groups living in the area have no idea of the wind project.

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Start-up H2 Solution is planning to set up its operations at Hong Kong’s science and technology park in Pak Shek Kok as a launchpad into overseas markets.

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Roscosmos space agency chief Yuri Borisov says the project, being considered for 2033-2035, could eventually allow the building of lunar settlements.

China’s global dominance in the production of three key energy transition products – electric vehicles, batteries and solar panels – will face more challenges this year from industry overcapacity, price wars and trade barriers, French bank Natixis says.

GRST, the Hong Kong green technology start-up which won Prince William’s Earthshot Prize, is in talks to deploy its eco-friendly batteries in a range of electrical applications, COO Karen Ng says.

Ahead of the biggest political event of the year, China’s energy security gets more play against the backdrop of international criticism and fresh warnings from the United States.

Indian refiners are concerned the latest sanctions will make it harder to get vessels for Russian oil and could drive up freight rates.

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Japan is being criticised for not standing up for human rights by calling out Vladimir Putin or the Russian government over opposition leader Alexei Navalny’s death in custody.

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Banks need to adopt more forward-looking and long-term metrics on risk-return assessments to meet growing climate financing needs, according to top bankers at the Climate Business Forum.

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