China Invest $27 Billion to Cut Emissions
After setting record high carbon emissions last year, China—the world's largest emitter of carbon dioxide to begin with—has announced plans to invest $27 billion this year to promote energy conservation, emission reductions and renewable energy.
Some of those initiatives will also include the promotion of energy-saving products, solar and wind power and the development of renewable energy and hybrid cars, according to the country's finance ministry.
A report by the International Energy Agency (IEA) said Thursday that China's carbon emissions hit their highest ever recorded level in 2011, but that its CO2 emissions per unit of GDP, or its carbon intensity, fell by 15 percent between 2005 and 2011. Looking ahead, China is targeting a cut in greenhouse gas emissions of 40-45 percent by 2020, boosting its use of renewables to 15 percent of its overall energy in that same time frame.
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With the expiration date of the Kyoto protocol coming up at the end of this year, over 180 nations met last week in Bonn, Germany to work towards getting a new global climate pact signed by 2015.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.