China slashes new coal plant permits: China — the world's largest builder of coal-fired power stations — has cut the number of permits for new coal plants by nearly 80% in the first half of 2024, according to climate NGO Greenpeace. The reduction coincides with China’s combined wind and solar capacity surpassing coal capacity for the first time, reaching 11.8 TW compared to coal's 11.7 TW. Despite this progress, China commissioned 14 new coal plants with a total capacity of 10.3 GW, marking a 79.3% decrease from the same period in 2023.

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China’s emissions already reached their peak: China's carbon emissions may have reached their peak in 2023, Reuters reports citing, Analysts at the Helsinki-based Centre for Research on Energy and Clean Air. Emissions dropped 1% y-o-y in 2Q 2024 marking the first quarterly drop since the COVID-19 pandemic.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • EBRD extends EUR 100 mn green loan to Romania: The European Bank for Reconstruction and Development and Raiffeisen Bank are extending a EUR 110 mn green loan to Romania‘s Nofar Energy for the construction and operation of two solar power plants in south-eastern Romania. The 300 MW plants are expected to generate 386 GWh of renewable energy and reduce CO2 emissions by approximately 160k tons annually. (Statement)
  • Nio to install charging stations in every Chinese county: Chinese EV company Nio plans to install battery charging stations in all 2.8k Chinese counties by the end of June 2025. The company also plans to install battery swap stations in over 2.3k counties by the end of 2025, expecting to expand to the remaining counties in 2026. (CNBC)
  • Alphabet purchases energy credits from Energix: US independent power producer Energix Renewables has signed a long term agreement to sell 1.5 GW worth of electricity and renewable energy credits to Google from its solar plants. The partnership will last until 2030, with Google offering tax equity. (Reuters)
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