China to develop $43bn LNG in Alaska
Sinopec, the Chinese state oil company, along with one the nations top banks and its sovereign wealth fund have all signed an agreement to develop Alaska’s liquefied natural gas sector.
China Petrochemical Corp (Sinopec), Alaska Gasoline Development, the state of Alaska, China Investment Corp, and the Bank of China have all settled on aiding the progression of LNG in the state.
This deal could see the US becoming a top source of clean energy for China.
This is following President Donald Trump’s visit to the country in order to meet with President Xi Jinoing in Beijing.
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The firms and lenders have confirmed that a potential US$43bn could be invested into the project.
It is expected that 12,000 jobs could be created during construction, as well as the trade deficit between the US and Asia decreasing by $10bn a year, and China receiving renewable energy.
“In addition to balancing overall bilateral trade, LNG exports from the US to China could contribute to China’s efforts to improve air quality and transition to a low-carbon future by quickly switching from scattered coal to gas,” reported the President of the Energy Foundation China, Zou Ji.
“A combination of rising export capacity in the US, LNG import demand growth in China, and political cheerleading has underpinned an uptick in LNG exports to China this year via third party, spot trades,” stated Kerry-Anne Shanks, Head of Asia Gas and LNG at Wood Mackenzie.
Toyota unveils electric van and Volvo opens fuel cell lab
Toyota is launching its first zero emission battery electric vehicle, the Proace Electric medium-duty panel van, across Europe.
The model, which offers a choice of 50 or 75kWh lithium-ion batteries with range of up to 205 miles, is being rolled out in the UK, Denmark, Finland, France, Germany, Italy, Spain and Sweden.
At present, alternative fuel vehicles (AFVs, including battery electric vehicles) account for only a fraction – around 1.8 per cent – of new light commercial van sales in the UK, but a number of factors are accelerating demand for practical alternatives to vans with conventional internal combustion engines.
Low and zero emission zones are coming into force to reduce local pollution and improve air quality in urban centres, at the same time as rapid growth in ecommerce is generating more day-to-day delivery traffic.
Meanwhile the opening of Volvo's first dedicated fuel cell test lab in Volvo Group, marks a significant milestone in the manufacturer’s ambition to be fossil-free by 2040.
Fuel cells work by combining hydrogen with oxygen, with the resulting chemical reaction producing electricity. The process is completely emission-free, with water vapour being the only by-product.
Toni Hagelberg, Head of Sustainable Power at Volvo CE, says fuel cell technology is a key enabler of sustainable solutions for heavier construction machines, and this investment provides another vital tool in its work to reach targets.
"The lab will also serve Volvo Group globally, as it’s the first to offer this kind of advanced testing," he said.
The Fuel Cell Test Lab is a demonstration of the same dedication to hydrogen fuel cell technology, as the recent launch of cell centric, a joint venture by Volvo Group and Daimler Truck to accelerate the development, production and commercialization of fuel cell solutions within long-haul trucking and beyond. Both form a key part of the Group’s overall ambition to be 100% fossil free by 2040.