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.



Gold Down 1% Due to Stronger Dollar

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
TT

Gold Down 1% Due to Stronger Dollar

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices fell on Wednesday under pressure from a stronger dollar and uncertainty ahead of a key US inflation report that could provide more clarity about the Federal Reserve's September policy meeting.

Spot gold was down 1% at $2,500.03 an ounce by 1205 GMT. Prices on Tuesday rose 0.3% to $2,524.57, a record high for the closing price.

The US currency steadied on Wednesday, making dollar-priced commodities less attractive for buyers using other currencies. Recent declines in the dollar had pushed the currency to its weakest in more than a year, Reuters reported.

The dollar index, which measures performance against a basket of currencies, was last up 0.4%.

"There are a lot of moving parts today, and items like Nvidia results are hanging over the market for direction clues on (interest) rates," one gold trader said. "The Fed is rightly cautious right now and that's not helping people with direction. Cash is king today."

Markets are focused on the looming US personal consumption expenditure (PCE) data, the Fed's preferred measure of inflation, due on Friday.

Gold is up 21% so far this year, heading for the biggest annual growth since 2020, with support coming from expectations of US rate cuts, safe-haven demand driven by geopolitical and economic uncertainty as well as robust purchases by central banks.

The rally, which started in March and saw spot prices hitting a record high of $2,531.60 on Aug. 20, was initially led by strong demand in China until high prices muted its imports and shifted the focus to Western investor buying.

With a rate cut widely expected, physically backed gold exchange-traded funds (ETFs) started purchases again after several years of outflows and are heading for a fourth consecutive month of inflows in August.

Gold ETFs saw modest net inflows of 8 metric tons ($403 million) last week, led by North American funds, according to the World Gold Council.

Among other precious metals, spot silver retreated by 2.3% to $29.31 an ounce, platinum lost 1.8% to $936.55 and palladium was down 2.4% at $946.75.