One Quarter of China's Energy Now Comes from Clean Sources

China said its wind and solar capacity overshot a target set by President Xi Jinping nearly six years ahead of schedule. GREG BAKER / AFP/File
China said its wind and solar capacity overshot a target set by President Xi Jinping nearly six years ahead of schedule. GREG BAKER / AFP/File
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One Quarter of China's Energy Now Comes from Clean Sources

China said its wind and solar capacity overshot a target set by President Xi Jinping nearly six years ahead of schedule. GREG BAKER / AFP/File
China said its wind and solar capacity overshot a target set by President Xi Jinping nearly six years ahead of schedule. GREG BAKER / AFP/File

A quarter of all the energy China consumes now comes from clean sources, according to research published Thursday, as Beijing rapidly pivots its huge economy to a greener footing.
The country is the world's largest emitter of greenhouse gasses, though has in recent years emerged as a global leader in renewable energy.
It has pledged to bring its emissions of planet-warming carbon dioxide to a peak by 2030 and to net zero by 2060.
A white paper published Thursday said the proportion of "clean energy" in total national consumption rose from 15.5 percent to 26.4 percent over the past decade, according to state news agency Xinhua.
Wind and solar capacity increased by ten times over the same period, Xinhua quoted the document as saying.
It said China was responsible for over 40 percent of annual additions to global renewable energy capacity since 2013.
"China has... achieved historic breakthroughs in green and low-carbon energy development," the white paper said.
Under the Paris climate accord, countries have pledged to cut greenhouse gas emissions with a view to keeping global temperature rises below 1.5 Celsius above pre-industrial levels.
China has won plaudits for its efforts to rapidly ditch polluting energy sources such as coal, but has also resisted calls to act even more ambitiously.
Last week, its wind and solar capacity overshot a target set by President Xi Jinping nearly six years ahead of schedule.
Mismatched development in the country's renewables sector also means a significant amount of energy gets wasted, while turbulence in the domestic solar industry has pushed some firms into dire financial straits.



Oil Edges Up As Libyan Supply Woes Offset Lower-Than-Expected US Stock Draw

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
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Oil Edges Up As Libyan Supply Woes Offset Lower-Than-Expected US Stock Draw

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant

Oil prices edged up on Thursday after two sessions of losses, as supply concerns over Libya returned to focus, although countered by a smaller-than-expected draw in US crude inventories that sapped demand expectations.
Brent crude futures climbed 9 cents, or 0.11%, to stand at $78.74 a barrel by 0355 GMT, while US West Texas Intermediate crude futures were up 15 cents, or 0.2%, at $74.67.
Both contracts lost more than 1% on Wednesday, after data showed US crude inventories dropped 846,000 barrels to 425.2 million last week, missing analyst expectations in a Reuters poll for a draw of 2.3 million.
Worries over disruption in supplies from Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC), were positive for the market, some analysts said.
The Libya woes, amid growing geopolitical concerns, will keep oil markets on edge, and are likely to limit downside to prices, said Priyanka Sachdeva, a senior market analyst at Phillip Nova.
Some oilfields in Libya have halted production amid a fight for control of the central bank, with one consulting firm estimating output disruptions of between 900,000 and 1 million barrels per day (bpd) for several weeks.
Libya's July production was about 1.18 million bpd.
The length of the supply disruption could have a spillover effect on OPEC+ production plans in the coming October, which in turn could impact oil markets positively if supply does not ease as expected.
"A prolonged shutdown from Libya will give OPEC+ a bit more comfort in increasing supply in 4Q24 as currently planned," ING analysts said in a client note, adding that a short disruption would make the cartel's decision tougher, however.
"Under this scenario, we believe they will be reluctant to bring additional supply to the market when there are still lingering demand concerns."
Expectations for the US central bank to start cutting interest rates next month also supported oil prices, with Federal Reserve Bank of Atlanta President Raphael Bostic saying it may be time for cuts, with inflation down farther and unemployment up more than anticipated.
Lower interest rates make borrowing cheaper, which could boost economic activity and increase demand for oil.