Energy Insider: Baowu plans $ 7.7 billion carbon fund; China’s national carbon market debuts with revenue of 4.1 million tonnes
In today’s Caixin energy news: China’s long-awaited carbon market ends first day of trading with sales of 4.1 million tonnes, and China opens coal reserves to facilitate supply as energy consumption increases.
Largest steel maker Baowu launches $ 7.7 billion carbon neutrality fund
China Baowu Steel Group, the world’s largest steelmaker, plans to create a “carbon neutral” fund with partners, aiming for a total investment of 50 billion yuan ($ 7.74 billion) in clean energy, green technologies, protection environment and pollution control. The partnership includes China Pacific Insurance (Group) Co. Ltd., CCB Financial Asset Investment Co. Ltd. and National Green Development Fund. The fund, with an initial investment of 10 billion yuan, will be the largest carbon-themed fund in China, Baowu said.
China’s national carbon market debuts with 4.1 million tonnes of revenue
China’s national carbon emissions trading market ended its first day of trading on Friday with 4.1 million tonnes of carbon dioxide allowances worth 210 million yuan (32.5 million yuan). dollars) which changed hands, the Shanghai Securities News reported. the first operation took place at 9:30 a.m., pricing a ton of shows at 52.78 yuan ($ 8.16).
China opens coal reserves to facilitate supply
Beijing goes Release more than 10 million tonnes of coal from national reserves to expand supply as the government strives to balance the supply of a sufficient amount of electricity to the grid with the transition from high carbon fuels, which generate most of the country’s energy. Coal will be “released to the market at any time as needed” to stabilize supplies and prices, according to a statement Thursday from the National Development and Reform Commission.
China produces 5% less coal in June
China’s national coal production fell 5% in June from a year ago to 320 million tonnes, according to the National Bureau of Statistics. At the same time, imports of coal increased by 12.3% to 28.4 million tons.
Chinese crude steel production increases 11.8%
China’s crude steel production in the first six months reached 563 million tonnes, up 11.8 percent from a year ago, according to data from the China Iron and Steel Association. steel.
Regulator launches national inspection of chemical energy storage facilities
China’s National Energy Administration on Thursday released a plan to initiate safety inspections of chemical energy storage projects at power plants. The inspections will focus on the quality, design, construction, operation, maintenance and safety management of key equipment.
Sino Prima Gas to invest $ 232.1 million in underground natural gas storage
Beijing Warburg Energy Development Co., Ltd., a unit of Sino Prima Gas Technology Co. Ltd. (300483.SZ), will build an underground natural gas storage project in Yonghe County, Shanxi Province, in partnership with the local government, Sino Prima said Thursday. The project will be built to a depth of over 2,500 meters with a nominal capacity of 1 billion to 1.5 billion cubic meters. The investment will total 1.5 billion yuan ($ 232.1 million).
Ningxia is committed to developing storage to support new energies
The government of Ningxia Hui Autonomous Region in northwestern China is committed to promoting the development of energy storage to promote the expansion of new energy. The government has set itself the objective of building an energy storage capacity equivalent to at least 10% of the local capacity for installing new energy by 2025. Over the past five years, the installed capacity of new energy production in Ningxia more than doubled from 11.29 million kilowatts. to 25.73 million kilowatts.
Chinese-built solar farm in Singapore goes into operation
The 60-megawatt floating solar farm project at Tengeh Reservoir, the largest of its kind in Singapore, was officially launched this week. The project was built by Shanxi Electric Power Engineering Co. Ltd., a subsidiary of China Energy Engineering Group. The project will meet 7% of the electricity demand of the Public Utilities Board of Singapore and provide clean energy to several water treatment plants affiliated with the department.
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