China says coal is here to stay: Top coal consumer China will maintain dependence on coal despite Beijing expanding in the clean energy industry, Chinese Prime Minister Li Keqiang said at the National People’s Congress yesterday, according to Bloomberg. China mines and burns half the world’s coal, with the premier touting the benefits of the fossil fuel in keeping energy supplies and prices at home in check despite rising global inflation. Despite the support for coal, the country is still committed to clean energy generation, with authorities saying mega renewable projects, electricity storage and power grid upgrades will remain a priority this year. China aims to peak emissions by 2030 and achieve net zero by 2060.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • French President Emmanuel Macron pledged EUR 50 mn to support countries working on protecting their forests and biodiversity at the One Forest Summit in Gabon on Thursday. The USD 53 mn is part of a joint EUR 100 mn commitment to launch a new global program that rewards countries protecting and restoring their forests. (Reuters)
  • The US will provide some USD 1.2 bn in aid to revive battered nuclear power plants under the Biden administration’s commitment to boosting renewable energy generation. (Reuters)
  • The US will allocate USD 6 bn to bankroll 77 climate-focused projects globally and 34 marine conservation projects. USD 5 bn would be allocated to finance climate-focused projects and the remaining USD 1 bn will be channeled toward financing marine conservation projects. (Statement)
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