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China is constructing the majority, namely two-thirds, of the world’s new wind and solar power plants.

Published

6 months ago

Farwa

According to a report by the U.S.-based think tank Global Energy Monitor (GEM), China is constructing 339 gigawatts (GW) of utility-scale wind and solar energy, which accounts for 64% of the total global capacity. The project pipeline of the first-place country is more than eight times that of the second-place U.S., which has 40 GW.

The authors of the paper stated that China’s rapid progress makes it highly achievable to treble renewable capacity by the end of 2030, even without more hydropower. They urge China to increase its climate ambitions in its upcoming promises to the United Nations next year.

Last week, the Sydney-based think tank Climate Energy Finance said that Beijing is on course to achieve its own target of installing 1,200 GW of wind and solar power by this month, which is six years ahead of schedule.

According to GEM research analyst Aiqun Yu, China’s coal-centric power grid is facing difficulties in accommodating the rapid growth of renewable energy sources. To address this issue, there is a need for the accelerated expansion of transmission lines.
However, a different analysis published by Carbon Brief on Thursday revealed that the recent increase in capacity has resulted in renewable generation reaching unprecedented levels.

According to the analysis conducted by Lauri Myllyvirta, senior fellow at Asia Society Policy Institute, China’s electricity generation from coal reached a record low of 53% in May. At the same time, a record high of 44% of electricity came from non-fossil fuel sources. This suggests that China’s carbon emissions may have reached their highest point last year, assuming this trend continues.

The percentage of coal decreased from 60% in May 2023.

In May, solar power generation increased to 12% and wind power generation reached 11%, primarily due to China’s significant addition of new capacity. The remaining non-fossil fuel electricity was comprised of hydropower at 15%, nuclear power at 5%, and biomass at 2%.

In May, the power industry in China experienced a 3.6% decrease in carbon dioxide emissions, which account for almost 40% of the country’s total emissions, due to the increased generation of renewable energy.

“According to Myllyvirta, if China continues to rapidly deploy wind and solar energy, it is expected that the country’s CO2 emissions will continue to decrease, with 2023 being the year when emissions reach their highest point and start to decline.”
In May, solar power generation had an unprecedented increase of 78% compared to the previous year, reaching a total of 94 terrawatt hours (TWh).

According to China’s National Bureau of Statistics, there was a 29% rise in electricity generation from solar power. However, this figure does not account for the electricity generated by rooftop solar panels, which represents approximately half of the total solar electricity produced.

The new analysis computed the wind and solar power production by utilizing data on the capacity of power generation and the utilization figures provided by the China Electricity Council, an industry body.

Wind power generation increased by 5% compared to the previous year, reaching a total of 83 TWh. This growth was primarily driven by a 21% increase in capacity. However, the overall utilization of wind power was lower due to fluctuations in wind conditions. Hydropower production experienced a significant increase of 39% compared to the previous year, during which it was adversely affected by a drought.

Gas-fired output experienced a decline of 16%, while power generation from coal decreased by 3.7%, despite a 7.2% growth in overall energy consumption compared to the previous year.

Business

Pakistan’s gold price continues to rise.

Published

15 hours ago

Farwa

As a result of worldwide market trends, the price of gold in Pakistan rose even further on Wednesday.

The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) released data showing that the price of 24-karat gold per tola rose by an additional Rs1,000 in the local market, reaching Rs277,000.

The cost of 10 grammes of 24-karat gold also increased by Rs858, reaching Rs237,483.

On Wednesday, the price of gold increased by an extra $10 on the global market, hitting $2,652 per ounce with a $20 premium.

In the local market, the price of silver stayed steady at Rs3,350 per tola.

Latest News

Imran Khan’s release is not under pressure, according to Rana Sanaullah.

Published

15 hours ago

Farwa

There is no outside pressure for Imran Khan’s release, according to Rana Sanaullah, Prime Minister’s adviser on political affairs.

Though their words imply otherwise, Rana Sanaullah stated at a press conference in Islamabad that they had requested the PTI present their requests in writing during the initial round of negotiations.

He stated that their goal was to start a national dialogue amongst political parties, but the remarks made by PTI officials and the tweets sent by Imran Khan show that they are not interested in having direct conversations.

He emphasised that the discussions between Sher Afzal Marwat and Ali Amin Gandapur over Aleema Khan were significant. Aleema Khan’s earlier allegations of trying to poison Imran Khan while he was incarcerated also sprang to mind.

“Those around Imran Khan are unpredictable because they can go to any length,” he maintained.

The adviser claimed that PTI uses social media propaganda to portray itself as a powerful political organisation. He gave Imran Khan his word that all the facilities outlined in the jail handbook are being delivered. He did, however, condemn Imran Khan’s position on the state and institutions, which is clear to all.

Rana Sanaullah charged the PTI with continuously launching anti-national campaigns on social media. He gave the example of November 26, when PTI allegedly disseminated misinformation using pictures of Palestinian martyrs.

Rana Sana went on to say, “PTI impedes Pakistan’s economic development and seeks political instability in the nation.”

He reaffirmed that there was no pressure for Imran Khan’s release when asked a question. Discussions are anticipated to begin after Speaker Ayaz Sadiq returns from his trip abroad, which caused the postponement.

According to Rana Sanaullah, Imran Khan would probably be met again by the PTI’s negotiation committee. Prior to this, a meeting was scheduled, but it was subsequently deemed improper. The administration had not proposed to move Imran Khan to Bani Gala, he explained.

Latest News

PM Shehbaz says he is prepared to meet with everyone to discuss the growth of the nation.

Published

15 hours ago

Farwa

According to Prime Minister Shehbaz Sharif, he is prepared to meet with everyone to discuss the nation’s economic progress.

He was addressing a ceremony held in Pakistan Stock Exchange, Karachi on Wednesday. The PSX’s outstanding 2024 performance was commended by the prime minister.

The economy of Pakistan is getting better every day. “To visit the PSX today is an honour for me,” Shehbaz Sharif remarked.

He remarked during the ceremony that the government’s primary objective is to transform macroeconomic stability into economic growth.

The prime minister also praised the newly introduced “Uraan Pakistan” initiative.

He said he will be sitting with the financial experts of Karachi and other cities for the economic development of the country.

He expressed his anticipation of receiving proposals to implement an export-led growth agenda and exploit the full potential of natural resources.

According to the prime minister, the privatisation process will proceed in a completely open way.

“In recent months, Pakistan has gained economic stability. The prime minister stated, “We are attempting to raise the interest rate to 6 percent in order to encourage investment.”

Also in attendance were Sindh Governor Kamran Tesori, CM Murad Ali Shah, Finance Minister Muhammad Aurangzeb, Information Minister Attaullah Tarar, and Deputy Prime Minister Ishaq Dar.