Berliner Boersenzeitung - China backpedals on climate promises as economy slows

EUR -
AED 3.846712
AFN 71.807227
ALL 98.181287
AMD 408.741135
ANG 1.896218
AOA 956.69975
ARS 1051.474539
AUD 1.607186
AWG 1.887741
AZN 1.775375
BAM 1.955978
BBD 2.124294
BDT 125.731453
BGN 1.955856
BHD 0.394743
BIF 3107.942455
BMD 1.04729
BND 1.413856
BOB 7.269732
BRL 6.089055
BSD 1.052096
BTN 88.893295
BWP 14.363651
BYN 3.443214
BYR 20526.891799
BZD 2.120793
CAD 1.463222
CDF 3005.723629
CHF 0.928386
CLF 0.036958
CLP 1019.788135
CNY 7.589394
CNH 7.597547
COP 4599.290984
CRC 534.848719
CUC 1.04729
CUP 27.753196
CVE 110.276098
CZK 25.351963
DJF 187.357066
DKK 7.458487
DOP 63.395775
DZD 139.906489
EGP 52.086951
ERN 15.709356
ETB 131.113521
FJD 2.380279
FKP 0.826644
GBP 0.831994
GEL 2.853909
GGP 0.826644
GHS 16.728684
GIP 0.826644
GMD 74.357674
GNF 9068.912683
GTQ 8.121817
GYD 220.122153
HKD 8.149857
HNL 26.587803
HRK 7.470594
HTG 138.135221
HUF 411.236405
IDR 16667.626683
ILS 3.890307
IMP 0.826644
INR 88.493105
IQD 1378.345295
IRR 44096.162128
ISK 146.10796
JEP 0.826644
JMD 167.0924
JOD 0.742635
JPY 161.750335
KES 135.624579
KGS 90.590336
KHR 4243.467575
KMF 491.859767
KPW 942.560961
KRW 1466.588842
KWD 0.322189
KYD 0.876792
KZT 521.765001
LAK 23046.099274
LBP 94221.08262
LKR 306.117884
LRD 189.911833
LSL 19.037816
LTL 3.092376
LVL 0.633496
LYD 5.139468
MAD 10.522459
MDL 19.158745
MGA 4926.566365
MKD 61.541781
MMK 3401.55836
MNT 3558.692716
MOP 8.434989
MRU 41.843211
MUR 48.597817
MVR 16.180409
MWK 1824.409737
MXN 21.393631
MYR 4.680378
MZN 66.941933
NAD 19.037907
NGN 1771.051806
NIO 38.714451
NOK 11.587179
NPR 142.228993
NZD 1.793139
OMR 0.403204
PAB 1.052096
PEN 3.996464
PGK 4.235426
PHP 61.749814
PKR 292.44392
PLN 4.343462
PYG 8257.752201
QAR 3.835886
RON 4.976827
RSD 116.996977
RUB 106.090014
RWF 1445.666196
SAR 3.932066
SBD 8.750667
SCR 14.264572
SDG 629.944061
SEK 11.585257
SGD 1.409323
SHP 0.826644
SLE 23.653039
SLL 21961.160959
SOS 601.280607
SRD 37.079312
STD 21676.796766
SVC 9.20597
SYP 2631.348395
SZL 19.04619
THB 36.403629
TJS 11.205281
TMT 3.675989
TND 3.328535
TOP 2.452859
TRY 36.16514
TTD 7.141753
TWD 34.098201
TZS 2777.790119
UAH 43.438094
UGX 3887.391222
USD 1.04729
UYU 44.83494
UZS 13526.232108
VES 48.457274
VND 26622.121915
VUV 124.336421
WST 2.923606
XAF 656.032418
XAG 0.033805
XAU 0.000389
XCD 2.830355
XDR 0.802592
XOF 656.016757
XPF 119.331742
YER 261.732278
ZAR 18.938124
ZMK 9426.870262
ZMW 29.012643
ZWL 337.227081
  • BCC

    2.9500

    140.36

    +2.1%

  • CMSC

    0.1200

    24.64

    +0.49%

  • SCS

    -0.0300

    13.04

    -0.23%

  • NGG

    -0.1700

    63.1

    -0.27%

  • RELX

    0.6500

    45.76

    +1.42%

  • VOD

    -0.1000

    8.84

    -1.13%

  • RBGPF

    59.6900

    59.69

    +100%

  • RYCEF

    0.1800

    6.79

    +2.65%

  • CMSD

    0.1850

    24.445

    +0.76%

  • JRI

    0.0000

    13.23

    0%

  • BCE

    -0.3200

    26.68

    -1.2%

  • GSK

    0.3500

    33.7

    +1.04%

  • RIO

    0.1800

    62.57

    +0.29%

  • AZN

    1.0600

    64.26

    +1.65%

  • BTI

    -0.1000

    36.98

    -0.27%

  • BP

    0.4400

    29.52

    +1.49%

China backpedals on climate promises as economy slows
China backpedals on climate promises as economy slows

China backpedals on climate promises as economy slows

When China's President Xi Jinping issued his traditional Lunar New Year wishes from the country's coal heartland in January, the subtext was clear: Beijing is not ready to kick its coal addiction, despite promises to slash emissions.

Text size:

The ink had barely dried on the hard-fought deal struck at last year's United Nations climate conference in Glasgow when Beijing's backslide on pledges began.

The country's central economic planner has watered down a roadmap to slash emissions, greenlighted giant coal-fired power plants, and told mines to produce "as much coal as possible" after power shortages paralysed swathes of the economy last year.

Environmentalists are concerned this would mean China would continue to pollute beyond the 2030 deadline by which it has promised to have reached peak emissions.

Xi's trip to mining towns in Shanxi –- China's biggest coal producing province -- saw him making crispy noodle snacks with families "recently lifted out of poverty".

"We are not pursuing carbon neutrality because others are forcing us, it's something we must do. But it can't be rushed," he said later, while inspecting a thermal power plant.

"We can't delay action, but we must find the right rhythm."

Days earlier, Xi told Communist Party officials in Beijing that low-carbon goals should not come at the expense of "normal life" -- a major change in rhetoric from his 2020 announcement at a UN assembly that China would be carbon neutral by 2060.

- Dependent on coal -

The Glasgow pact encourages countries to slash their emissions targets, with the aim of limiting warming to well below 2 degrees Celsius (36 degrees Fahrenheit) ideally to 1.5 degrees.

Experts have warned that global emissions must be halved within a decade to have a chance of achieving that goal.

A report issued by the UN's climate science advisors on Monday said that warming beyond 1.5C would wreak permanent damage to the planet and that nearly half the world's population is already "highly vulnerable" to the accelerating impacts of climate change.

"The world's biggest polluters are guilty of arson of our only home," UN chief Antonio Guterres said in response to this most compelling scientific overview of climate change impacts to date.

China generates an estimated 29 percent of the world's greenhouse gas emissions -- double the US share and three times that of the European Union.

Environmentalists had hoped that post-Glasgow, Beijing might announce a maximum carbon cap for the whole country but Li Shuo, a campaigner for Greenpeace China, told AFP that is now "off the table".

Policymakers in Beijing have long walked a tightrope balancing climate objectives with domestic growth.

Beijing has pledged to curb coal consumption after 2025 -- but last year, half of China's economy was fuelled by it.

Now as growth slows, authorities are resorting to an old formula of propping up smokestack industries to juice the economy.

In late 2021 China began construction on 33 gigawatts of coal-fired power plants -- the most since 2016 -- that will emit as much carbon dioxide annually as Florida, according to data from Global Energy Monitor.

Even more new plants are being built in the first few months of 2022 as well, all of which can operate for 40 years on average.

- 'Ambition in jeopardy' -

During the Glasgow talks the Chinese delegation -- like many others -- promised a detailed roadmap to peak emissions for different industries and regions over the next decade.

Existing guidelines issued just before the talks only include vague targets for increasing energy efficiency and say renewables will supply a quarter of China's electricity by 2030.

They have not yet been updated.

This "suggests that the politics are tough, ambition is in jeopardy, and the regulators are reserving as much wiggle room (to pollute) as possible for the next few years," Greenpeace's Li said.

Earlier last month, Beijing pushed back the deadline for slashing emissions from the steel sector -- China's biggest carbon emitter -- five years to 2030.

"Steel and cement need to peak earlier than the country as a whole to ensure China's targets are on track," said Lauri Myllyvirta, lead analyst at the Centre for Research on Energy and Clean Air.

Meanwhile, China's investments in overseas oil and gas projects tripled to $10.9 billion last year, according to a Fudan University report in January.

- Renewable bottlenecks -

Another of China's key pledges -- to increase wind and solar capacity to three times the current level over the next decade -- has been blown off-course as well by supply chain disruptions and soaring raw material costs.

The price of polysilicon, used to make solar panels, jumped 174 percent in December from the previous year.

Analysts fear more fossil fuels will be burnt to meet China's growing energy needs as the rollout of renewables slows.

"The political signals are much more cautious (than before), saying the transition will be slow, and coal would remain a mainstay of China's energy supply for a long time," said Myllyvirta.

(K.Lüdke--BBZ)