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PSALM expects P100 billion from CBK privatization
The Power Sector Assets and Liabilities Management Corp. (PSALM) is expected to generate as much as P100 billon from the privatization of the 796.46-megawatt (MW) Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex in Laguna, bolstering the cash position of the cash-strapped state firm......»»
First Gen income up 4 percent to P15.4 billion in 2023
Lopez-led power firm First Gen Corp. grew its income by four percent to P15.4 billion in 2023, from the previous year’s profit of P14.3 billion, mainly due to contributions from its geothermal subsidiary Energy Development Corp......»»
US Officials Warn of New Axis of Evil With China at the Fore
WASHINGTON - U.S. military and defense officials are increasingly concerned that as China and Russia forge ever stronger ties, they might attempt to challenge Western unity and eventually alter the balance of power on the world stage.The commander of U.S. forces in the Indo-Pacific told lawmakers on the House Armed Services Committee that the evolving relationship between Beijing and Moscow is a "big portion" of.....»»
SMPC coal sales hit record high in 2023
Coal sales volume of integrated energy company Semirara Mining and Power Corp. hit a record high last year on the back of strong export sales, driven primarily by a recovery in China shipments......»»
UN chief convenes ‘no nonsense’ climate summit, without China or US
UN Secretary-General Antonio Guterres is set Wednesday to host a climate meeting marred at its outset by the absence of speakers from the world's top two emitters, China and the United States. Despite increasing extreme weather events and record-shattering global temperatures, greenhouse gas emissions continue to rise and fossil fuel companies reap handsome profits. Guterres has thus billed the "Climate Ambition Summit" as a "no nonsense" forum where leaders or cabinet ministers will announce specific actions that deliver on their commitments under the Paris Agreement. The bar for making the podium was set high, with the UN chief making clear that only leaders who had made concrete plans to achieve net-zero greenhouse emissions would be allowed to speak. After receiving more than 100 applications to take part, the UN finally released a list on Tuesday night of 41 speakers which did not include China, the United States, the United Kingdom, Japan or India. "Tomorrow, I will welcome credible first movers and doers to our Climate Ambition Summit," Guterres said Tuesday. Several major leaders didn't bother making the trip to New York for this year's UN General Assembly, including President Xi Jinping of China and Prime Minister Rishi Sunak from the United Kingdom, who said he was too busy. US President Joe Biden, who addressed the General Assembly on Tuesday, sent his climate envoy John Kerry to the meeting -- though Kerry won't be permitted to speak. "There's no doubt that the absence of so many leaders from the world's biggest economies and emitters will clearly have an impact on the outcomes of the summit," Alden Meyer of climate think tank E3G said. He blamed competing issues -- from the Ukraine conflict to US-China tensions and rising economic uncertainty. "But I think it's also the opposition in many of these countries from the fossil fuel industry and other powerful interests to the kind of transformational changes that are needed," said Meyer. Catherine Abreu, executive director of nonprofit Destination Zero, said it was "perhaps a good-news story that we see Biden not being given a speaking slot at the summit" because the United States is continuing to expand fossil fuel projects even as it makes historic investments in renewables. "I think about this as being a correction from past summits, where leaders have been given the opportunity to take credit for climate leadership on the global stage, while they continue to pursue plans to develop fossil fuels, and continue driving the climate crisis back at home," she added. While the United States won't take the rostrum, California will be represented by Governor Gavin Newsom. From Britain, London Mayor Sadiq Khan will also attend. Growing anger The event is the biggest climate summit in New York since 2019, when Greta Thunberg stunned the world with her "How Dare You" speech before the UN. Anger is building among climate activists, particularly younger people, who turned out in thousands last weekend for the "March to End Fossil Fuels" in New York. Observers are eager however to see what Canadian Prime Minister Justin Trudeau and European Union President Ursula von der Leyen say both on their own goals and on financing commitments for the developing world. The failure of advanced economies, responsible for the majority of historic emissions, to honor their promises to the worst affected lower-income nations has long been a sore point in climate talks. There are some bright spots, including the announcement that Colombia and Panama are joining a grouping called the Powering Past Coal Alliance -- particularly notable as Colombia is the world's sixth biggest coal exporter. Wednesday's summit comes weeks ahead of the COP28 climate talks in the United Arab Emirates, where goals include tripling renewable energy by 2030, and ending by 2050 the generation of fossil fuel energy that isn't "abated" by carbon capture technology. The post UN chief convenes ‘no nonsense’ climate summit, without China or US appeared first on Daily Tribune......»»
The vital role of ASEAN
The ASEAN-UN Comprehensive Partnership is more important than ever. We face tests as far as the eye can see — from the climate emergency to a global cost-of-living crisis, raging conflicts and growing poverty, hunger, and inequalities. All these challenges are aggravated by rising geopolitical tensions. There is a real risk of fragmentation — of a Great Fracture in world economic and financial systems, with diverging strategies on technology and artificial intelligence and conflicting security frameworks. I commend ASEAN for your vital role in building bridges of understanding all over the world. ASEAN has played an extremely important role as a center that convenes all those that, unfortunately, represent the most dramatic divisions in today’s world and these series of summits is a demonstration of that fundamental convening role of ASEAN. And we need it in a world that is increasingly multipolar and that requires strong multilateral institutions to go with it — based on equity, solidarity and universality. I am grateful for your steadfast support for multilateral solutions and your contribution of over 5,000 peacekeepers from ASEAN countries. ASEAN’s convening power, commitment to dialogue and experience in conflict prevention are crucial pillars of stability. Today, tensions remain high from the Korean Peninsula to the South China Sea. I am grateful to ASEAN member states for your pursuit of dialogue and peaceful dispute resolution, rooted in the respect for international law, including the UN Convention on the Law of the Sea. Since we gathered last year, the situation in Myanmar has further deteriorated. Brutal violence, worsening poverty and systematic repression are crushing hopes for a return to democracy. The conflict is exacerbating existing inequalities and vulnerabilities faced by women and girls, including sexual violence, forced marriage and human trafficking. More and more people are crossing borders in a desperate search for safety and protection and the situation is untenable. Over one million Rohingya remain in Bangladesh, in the world’s largest refugee camp. And, regrettably, the conditions for their safe, voluntary and dignified return are not yet in sight. Much more is needed. My call to the military authorities of Myanmar is clear: Free all detained leaders and political prisoners; open the door toward the full restoration of democratic rule. We must also end our assault against the planet. ASEAN ranks amongst the most biodiversity-rich regions — and is highly vulnerable to natural disasters. We can still limit the worst impacts and meet the goals of the Paris Agreement. ASEAN is uniquely positioned to be a leader of an energy transition that is global, sustainable, just, inclusive and equitable. I commend ASEAN member states that are pioneering Just Energy Transition Partnerships like Indonesia and Viet Nam. And I commend all who are accelerating the phaseout of coal and jumpstarting a fair and inclusive renewables revolution. But greater ambition is needed still — along with much greater support. Developed countries must finally deliver on their commitments to developing countries. Resources are also central to rescuing the Sustainable Development Goals. I have called for deep and structural changes to make global frameworks — including the Bretton Woods system — more representative of today’s economic and political realities and also more responsive. Such change will not happen overnight — and I have proposed concrete steps we can take now, including an SDG Stimulus of US$500 billion a year to the benefit of developing countries for them to be able to reach the Sustainable Goals. This and other action would catalyze SDG progress and help developing economies invest in key transitions across energy, food systems, digital, education, health, decent jobs and social protection. I count on ASEAN member states to help raise global ambition in the vital months ahead. And you can always count on my wholehearted support to shape a future of peace and prosperity for the people of Southeast Asia and the world. *** Excerpts from the UN Secretary-General’s remarks at the ASEAN-UN Summit, 7 September 2023. The post The vital role of ASEAN appeared first on Daily Tribune......»»
Pope arrives in Mongolia to back tiny Catholic presence on China’s doorstep
Pope Francis arrived in Mongolia on Friday, beginning the first papal visit to the vast Asian nation landlocked between China and Russia. The 86-year-old pontiff's trip through Monday to the Buddhist-majority nation is a gesture of support for the tiny community of Catholics numbering about 1,400. The Argentine pontiff left Rome at 1640 GMT Thursday bound for the Mongolian capital Ulaanbaatar, arriving Friday morning local time following a nine-hour journey. He was greeted by a line of Mongolian honor guards in traditional blue, red, and yellow attire and foreign minister Batmunkh Battsetseg. Aboard the papal plane soon after take-off, Francis described the vast, sparsely populated country of Mongolia as one that "can be understood with the senses." Asked by a journalist whether he found diplomacy difficult, the pope answered: "Yes, you don't know how difficult it is. "Sometimes you need a sense of humor." The nine-hour flight passed over Chinese airspace and the pontiff, following custom, sent a telegram to President Xi Jinping, bearing "greetings of good wishes" to him and the Chinese people. "Assuring you of my prayers for the well-being of the nation, I invoke upon all of you the divine blessings of unity and peace," he wrote. The voyage -- Francis' second to the region in a year after a September trip to Kazakhstan -- is geopolitically strategic. It is seen as encouraging Mongolia's fragile democracy and potentially helping the Church make inroads with the country's more powerful neighbors. "This is a clear effort of the Holy See to take care of Central Asia and not abandon it to Russia or China," Michel Chambon, a scholar of Catholicism in Asia, told AFP. The visit -- Francis' 43rd voyage in his decade as head of the Catholic Church -- is also crucial in keeping the door open for improved Vatican ties with Beijing and Moscow, which have yet to offer the Pope an invitation. "It's a way to not give up, to remind them 'I'm here!'" Chambon said. "It's a way not to just stay in Rome and wait for things to happen but to jump in." Stamina test The trip will be a stamina test for the pope, who continues to travel widely despite undergoing a hernia operation in June and pain in his knee that has forced him to use a wheelchair. After a day of rest, the pontiff's itinerary on Saturday includes a welcome ceremony, meetings with President Ukhnaa Khurelsukh and Prime Minister Luvsannamsrai Oyun-Erdene, and a first address to authorities, diplomats, and members of civil society. He will meet the Catholic community -- which includes just 25 priests and 33 nuns, only two of them Mongolian -- later Saturday in Saints Peter and Paul Cathedral. Its circular nave resembles a "ger", the Mongolian nomads' traditional tent dwelling. The Jesuit pope addresses an interreligious meeting Sunday, where the rector of Ulaanbaatar's Russian Orthodox Church is expected to be present with a delegation, and later presides over a mass inside a newly built ice hockey arena. Pilgrims from nearby countries are expected at the mass, the Vatican said, including from Russia, China, South Korea, Thailand, Vietnam, Kazakhstan, Kyrgyzstan, and Azerbaijan. Not taking sides Once part of the empire of Genghis Khan, Mongolia is dependent on Russia for energy imports and on China for the export of its raw materials, primarily coal. But while toeing a neutral line with its powerful neighbors, it has engaged in a "third neighbor" policy, strengthening relations with other nations, including the United States, Japan, and South Korea, for balance. That makes Mongolia potentially helpful for Vatican relations with both Beijing and Moscow. The Holy See last year renewed a deal on the thorny issue of bishop appointments with China, and Francis has sought to broker an end to the war in Ukraine with Russia. Francis may use his trip to the former Soviet satellite state, a democracy since just 1992, to hammer home democratic principles. A major coal industry corruption scandal provoked street protests in December, eroding public trust amid a weak economy, high inflation, and major gaps between rich and poor. Chambon, a fellow at Singapore's Asia Research Institute, said Francis may take a page from last year's Kazakhstan visit, during which he warned authorities they have a responsibility to govern well. "The pope is not taking sides but is really putting politicians in front of their responsibilities," Chambon said. "'Who are we serving, are we honest, are we caring for the poor and marginalized, are we taking care of the entire nation in its religious and ethnic diversity?' "He plays the games but he asks the hard questions." Francis, who plans in October to publish an update to his seminal 2015 "Laudato Si'" a global call to action for the environment, will also likely bring attention to the impact of climate change on Mongolia's ecosystems. Together with mining and overgrazing, rising temperatures and their effects are fuelling desertification across swathes of the country. Severe cold, flooding and drought have killed off herds on the vast grasslands, forcing nomads who make up one-third of the population to migrate to Ulaanbaatar, now surrounded by shantytowns inhabited by displaced herders. The post Pope arrives in Mongolia to back tiny Catholic presence on China’s doorstep appeared first on Daily Tribune......»»
Gov’t seeks Indon capital
Finance Secretary Benjamin Diokno presented to Indonesia’s business community the Philippine economic plans for securing investments in infrastructure, energy and technology. In a statement by the Department of Finance on Thursday, it said Diokno conducted the talk in Jakarta City on Wednesday ahead of the 10th ASEAN Finance Ministers and Central Bank Governors’ Meeting from 24 to 25 August. The listeners included members of the Indonesian Chamber of Commerce and Industry and the Philippine Business Club Indonesia, and officials of foreign embassies in Jakarta. Diokno said the Philippine lawmakers are now studying all measures for faster public-private partnerships or PPPs as the Marcos administration aims to build 197 infrastructure flagship projects, including railways, airports and water management, among others. PPP crucial “The PPP Act, which is currently pending in the Senate, consolidates all legal frameworks on PPP and creates a unified system for investors to refer to when engaging in PPP projects,” DoF said. To build more capital for Philippine infrastructure development and diversify investment channels, Diokno said government agencies are now crafting the rules and regulations of the Maharlika Investment Fund. “This is the Philippines’ first sovereign investment fund that will serve as a platform for investors to engage in direct equity investments in Philippine ventures,” he said. Diokno said both the legislative proposal and newly approved sovereign fund will support economic expansion from liberalized investment laws passed by the previous Duterte administration. Diokno shared amendments to the Public Service Act which now allows full foreign ownership from 40 percent previously of various businesses, such as airlines and telecommunications. Amid growing concerns with climate change, the finance chief said this applies also to renewable energy facilities, such as solar plants. Indonesia, along with China and India, is among the world’s largest exporter of coal, according to the International Energy Agency. However, Indonesia vowed to achieve net-zero carbon emissions by 2060, while it is 2050 for the Philippines. To ensure efficient management and profitability of infrastructure, Diokno said the government also eased processes for foreign investors under the Build-Operate-Transfer Law. “To help foster the development of high quality, modern, and sustainable infrastructure in the country, we wasted no time in building a fertile business and investment ecosystem for private players,” Diokno said. The post Gov’t seeks Indon capital appeared first on Daily Tribune......»»
Shanghai billionaire
Author’s Note. This story is inspired by true events in Manila, Philippines in the early 1950s. Mawan is a rags-to-riches guy, like a few other famous Filipino Taipans. He stowed away on a cargo ship in Shanghai bound for Manila. Upon reaching Manila, he jumped ship in the dark of night and found his freedom from great poverty to less poverty. He slept in front of a bank on Plaza Cervantes until the police shooed him away. He was forced to sleep under a nearby footbridge along the bank of the Pasig River. For six months, he survived by trading in junk, old newspapers, and empty bottles (dyaryo-bote). He was a “no-English-no-read-no-write” kid. Maning, the bank manager, who often saw Mawan loitering outside the bank and was getting annoyed, asked him in Pilipino where he was from. Mawan answered in Cantonese. It was the beginning of an instant friendship as the manager was once a Shanghai boy himself. Mawan blurted out his story of adventure. Maning adopted Mawan as his own son and gave him a job as a janitor at the bank. He slept in the garage of the manager’s Chinatown home. To cut the story short, in 10 years, Mawan graduated from janitor to clerk to supervisor at the bank. He later resigned, and in another 10 years, graduated from junk shop owner to stockbroker. He became a billionaire at the age of 33. At that time, China bought most of the global supply of coal, which was fuel for cement plants, inducing a nationwide coal shortage. Cement stocks fell to their lowest point and that was when Mawan used all his savings to purchase stocks of the largest cement plant in the country. He ignored Maning’s warnings that it was a dangerous move. When the shortage was over and coal was once again available for cement production, Mawan’s stocks soared to the stratosphere and, at their peak, he unloaded at 55 times their purchase price. He, in fact, caused the stock to take a deep dive as many investors followed his move. He married the daughter of a Chinese billionaire and had a daughter, Melissa. Mawan spoiled her, but he knew that she would not be able to survive in a cruel world with a silver spoon in her mouth. So, he yanked her out of her comfort zone and immersed her in mud, sending her to live with the laborers he had contracted to build a huge mall in Cebu City. MELISSA: Papa, thank you for letting me help your workers. I’m so bored reading books, I’m going crazy. MAWAN: Can you manage to live in a small beach shack with no maid and no car? MELISSA: I am so happy helping the workers, I can take any kind of discomfort. But I got a worker’s daughter as my maid. I’m on top of the world, Papa. Melissa grew in the spirit in her whole new world. From her pocket money, she gave small loans to the beleaguered workers and paid their hospital bills when they got sick. MAWAN: Be careful, Melissa. The workers may not pay you back. MELISSA: I don’t have a problem. They know that if they don’t pay me back, they will lose their jobs. I hired a micro-lending consultant to teach them how to save money to pay off their loans. So far, I have zero bad debts from loans of half a million pesos, Papa. Mawan was so happy that his daughter had turned out so well after he had dipped her in the mud. Then, suddenly, he developed cancer of the prostate, stage 1. He had it cured immediately, but the doctor warned that he needed to rest to strengthen his immune system. MAWAN: Melissa, I want you to drop everything and take over. I need to rest. MELISSA: Go on a world tour, you and Mama. Take a slow tour of the Yangtze River for a month. Visit the ancient Buddhist temples outside Shanghai. I will take care of business. The hardship she experienced in Cebu strengthened Melissa’s spirit. She was ready to be the youngest CEO in Chinatown. MAWAN: (Upon returning home after two months in China.) Our immersion in China was the greatest gift you gave us, Melissa. It opened my eyes. We met so many people who made us happy. Now I know. The world is not just about building corporate empires but also spiritual empires. MELISSA: My world with the workers was your greatest gift to me. Your wisdom opened my heart. It was a great exchange gift. Somehow, happiness healed Mawan’s cancer. He adopted Melissa’s style, immersing himself in the workers as the key to his healing. eastwindreplyctr@gmail.com The post Shanghai billionaire appeared first on Daily Tribune......»»
Falling coal price takes earnings toll
Integrated energy firm Semirara Mining and Power Corp. or SMPC on Monday reported that its first-half earnings dropped to P19.2 billion — 26 percent lower than the previous year’s P25.8 billion. In a stock exchange report on Monday, the company said the downtrend was “mainly due to high base effect and normalizing coal indices.” During the second quarter alone, the company already booked a 5-percent downtick in its net income to P10.2 billion from a record high of P10.8 billion last year. However, every quarter, comparing the first quarter versus the second quarter figures, SMPC’s net income grew by 13 percent from P9 billion. Prices on downtrend From January to June, the average Newcastle price plunged by 54 percent from $320.3 to $148.9, while the average ICI4 price dropped by 17 percent from $85.7 to $71. “Even with lower coal prices, we delivered our second-best first half results because of China demand recovery and the improved performance of Sem-Calaca Power Corporation Unit 2,” SMPC president and COO Maria Cristina C. Gotianun said. Notably, from April to June, total shipments increased by 22 percent from 3.7 million metric tons or MMT to 4.5 MMT on higher deliveries to China and South Korea. Shipments to China increased by 75 percent from 0.8 MMT to 1.4 MMT, while shipments to South Korea rose by 21 percent from 0.8 MMT to 1.0 MMT. Gotianun, however, conveyed that the second half of the year will be challenging due to the rainy season and the planned shutdown of our three power plants. Yet, she noted that the “high starting inventory and strategic pivot to the spot market” of the company will help it navigate through the expected headwinds. The post Falling coal price takes earnings toll appeared first on Daily Tribune......»»
US climate envoy Kerry meets China’s top diplomat in Beijing
US climate envoy John Kerry met China's top diplomat Wang Yi in Beijing on Tuesday, as the two countries revive stalled diplomacy on reducing planet-warming emissions. Kerry was greeted by Wang at Beijing's Great Hall of the People on the third day of a visit to China that ends on Wednesday. The two shook hands and exchanged opening remarks before beginning a meeting, the AFP journalist said. "Cooperation on climate change is advancing under the overall climate of China and the United States, so we need the joint support of the people of China and the United States," Wang told Kerry, who he described as an "old friend". "There is a need for a healthy, stable, and sustainable Sino-US relationship," he added. Climate talks between the two biggest greenhouse gas emitters came to a halt last year after Nancy Pelosi, then speaker of the US House of Representatives enraged Beijing by visiting self-ruled Taiwan, which China considers to be part of its territory. Kerry, a former secretary of state, has enjoyed comparatively cordial and consistent relations with China despite Washington and Beijing locking horns over Taiwan and other issues. He met his Chinese counterpart Xie Zhenhua in Beijing on Monday, with the two men speaking for around four hours, state broadcaster CCTV said. Both countries "must take urgent action on a number of fronts, especially the challenges of coal and methane pollution", Kerry wrote in a tweet after the talks. "The climate crisis demands that the world's two largest economies work together to limit the Earth's warming," he added. Beijing said after the talks that "climate change is a common challenge faced by all mankind". China would "exchange views with the United States on issues related to climate change, and work together to meet challenges and improve the well-being of current and future generations", foreign ministry spokesperson Mao Ning said. Kerry's trip follows two other high-profile visits by US officials -- Secretary of State Antony Blinken and Treasury Secretary Janet Yellen -- that were aimed at stabilizing US-China ties. His visit to China came as the Northern Hemisphere endured record-setting summer heat waves, which scientists have said are being exacerbated by climate change. And China on Monday said the mercury hit 52.2 degrees Celsius (126 degrees Fahrenheit) in the northwest of the country over the weekend, setting a record for mid-July. Xin Xin, an analyst working for the China Meteorological Administration, said in a post on his verified Weibo account that 52.2C was the "highest measured temperature at a regional station in our country that I have ever seen". The US has said Kerry will on his trip press Beijing not to slow-roll efforts to cut emissions. "Every country, including China, has a responsibility to reduce emissions," US National Security Advisor Jake Sullivan told CNN on Sunday. The post US climate envoy Kerry meets China’s top diplomat in Beijing appeared first on Daily Tribune......»»
Envoys conclude climate talks
United States climate envoy John Kerry concluded talks with his Chinese counterpart in Beijing that lasted four hours on Monday. “Xie Zhenhua, China’s special envoy for climate change affairs, concluded his talks with John Kerry, the special envoy of the US president for climate issues, which lasted for around four hours,” state broadcaster CCTV said. It did not give any further details. The talks revived the stalled greenhouse gas emission negotiations of the world’s top two polluters. Beijing halted talks last year in rage over then US House Speaker Nancy Pelosi’s visit to self-ruled Taiwan, which China considers to be part of its territory. “The Kerry visit and the resumption of climate interaction underscores the critical importance of coordinated efforts to address the climate crisis,” Chunping Xie, senior policy fellow at the Grantham Research Institute on Climate Change and the Environment, told AFP in written comments. “It also demonstrates their shared determination to navigate a complex geopolitical relationship to promote the common good,” Xie said. As the leading emitter of the greenhouse gases driving climate change, China has pledged to peak carbon emissions by 2030 and achieve complete carbon neutrality by 2060. President Xi Jinping has also said China will reduce its use of coal from 2026. WITH AFP The post Envoys conclude climate talks appeared first on Daily Tribune......»»
US envoy Kerry heads to China to restart climate talks
US climate envoy John Kerry will head to China on Sunday to meet with his counterpart Xie Zhenhua and restart stalled talks between the world's two biggest emitters of planet-warming gases. Kerry's trip to China -- his third as President Joe Biden's climate emissary -- follows weeks of record-setting summer heat that scientists say is being exacerbated by climate change. Bilateral climate talks stalled last year after Nancy Pelosi, then speaker of the US House of Representatives visited self-ruled Taiwan and infuriated Beijing, which considers the island its territory. But Kerry, a former secretary of state, has enjoyed comparatively cordial and consistent relations with China despite Washington and Beijing locking horns over Taiwan and a number of other thorny issues, including advanced semiconductors. His trip to Beijing also comes after two other high-profile visits by US officials -- first Secretary of State Antony Blinken, then Treasury Secretary Janet Yellen -- aimed at stabilizing US-China ties. Kerry was scheduled to depart for China on Saturday, according to the US State Department. The Biden administration has identified climate as an area for potential cooperation with Beijing, despite the tensions elsewhere. The restart of US-China climate talks will come on the heels of the hottest week on record globally, according to the World Meteorological Organization. June was already the hottest ever logged, according to US and European agencies. Kerry will aim to use his time in Beijing to engage with Chinese officials "with respect to increasing implementation and ambition and promoting a successful COP28", the State Department said, referring to the UN climate talks in November. Nearly 200 nations will gather in the United Arab Emirates for COP28 to thrash out ways to mitigate global warming and its impacts. Energy constraints As the leading producer of greenhouse gases driving climate change, China has pledged to peak carbon emissions by 2030 and achieve complete carbon neutrality by 2060. President Xi Jinping has also said that the country will reduce its use of coal from 2026. But in April, China approved a major surge in coal power -- a move Greenpeace said prioritized energy supply over the emissions reduction pledge -- fuelling concerns that Beijing will struggle to meet its ambitious targets. "There are a number of factors that constrain the hands of energy planners in Beijing at the moment," Byford Tsang, a senior policy adviser at the climate-focused think tank E3G, told AFP. They include economic fallout from Russia's invasion of Ukraine, which has led to major disruptions in the global gas market, and reduced hydropower capacity in China due to severe droughts in recent years, Tsang said. Last summer, millions of people in southwest China faced rolling power cuts after crushing heatwaves led to an electricity supply crunch that forced factories to halt work, heightening domestic concerns over energy security. "I think it would be politically challenging for China to take a step forward on coal policy at this stage," added Tsang. During his visit, Kerry is also expected to bring up international climate finance efforts, following calls by Yellen during her Beijing trip for China to play a larger role. Kerry's trip will be closely watched in Washington after Republican lawmakers characterized it as him flying a carbon-spewing private jet halfway across the world to discuss climate with a political adversary. The post US envoy Kerry heads to China to restart climate talks appeared first on Daily Tribune......»»
Semirara pivots to Japan, cuts reliance on waning Chinese market
To lessen dependency on the slowing Chinese market, Semirara Mining and Power Corporation, or SMPC is now looking at Japan as a new destination in the region where it can shift and grow its coal shipments. The integrated energy company on Thursday disclosed that it will export another 50,000 metric tons or MT of Semirara coal to Shikoku Electric Power Corporation for its 700-megawatt coal-fired ultra-supercritical power station. SMPC first made a trial shipment to Japan last January, selling 78,410 MT of mid-grade coal to J-Power — a utility company that operates coal, hydroelectric, wind, and geothermal power stations. “China is still our main foreign buyer, but with their industrial output growing slower than expected, we want to develop other Asian markets like Japan,” SMPC president and COO Maria Cristina C. Gotianun said in a stock report. During the first quarter of the year, Semirara coal shipments to China plunged by 50 percent from 2.2 million MT to 1.1 million MT. The export to China accounted for 72 percent of the company’s total international shipments. Meanwhile, South Korea remained a steady market at 300,000 MT, representing one-fifth of export sales. Five percent of the total exports went to Japan and three percent went to Brunei. “For 2023, we are targeting to export around 30 percent of our full-year sales target of 15 to 16 million MT,” Gotianun noted. SMPC’s January to March standalone coal revenues dropped by 40 percent to P15.5 billion from P25.7 billion due to the high base effect of record production, shipments, and selling prices. Standalone reported net income, on the hand, went down by 51 percent to P7 billion from P14.2 billion due to the weak topline and slower decline in cash costs. The post Semirara pivots to Japan, cuts reliance on waning Chinese market appeared first on Daily Tribune......»»
RCEP key energy plan factor — Lotilla
The Department of Energy on Wednesday said where it concerns the Regional Economic Partnership or RCEP which Trade and Industry Secretary Alfredo Pascual said is set for roll out on 2 June 2023, it would welcome the National Economic and Development Authority Board’s endorsement of an executive order implementing tariff commitments under the major trade bloc deal that would elevate the country’s energy programs. Tariff commitments under the RCEP will be implemented in the country 60 days after the government deposited the instrument of ratification with the ASEAN Secretary-General last 3 April. Pascual presented to the NEDA Board, chaired by President Ferdinand R. Marcos Jr., the executive order that would operationalize the implementation of the country’s tariff commitments under the RCEP agreement. Progressive trade liberalization With this, Energy Secretary Raphael Lotilla said he believes that the RCEP Agreement is reflective of the country’s interest to progressively liberalize trade and create a competitive investment environment in the region for the Philippine energy sector. He said RCEP, a major trade breakthrough that entered into force on 1 January 2022 for ten original parties namely Australia, Brunei Darussalam, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand and Vietnam, provides opportunities for expanded market access and establishes clear, stable, and predictable rules on trade in energy goods and services, including investments among participating countries. RCEP entered into force for the Republic of Korea on 1 February 2022, for Malaysia on 18 March 2022 and for Indonesia on 2 January 2023. Aggressive push Further, Lotilla said energy-related trade in services would further improve the business climate of the energy sector in the country, “supportive of the Department’s aggressive push for the exploration, development, and utilization of the country’s indigenous energy resources as we are transitioning to a low-carbon future.” Even before the country acceded to RCEP, the ASEAN and ASEAN+1 Free Trade Partners already enjoyed zero percent tariff rates on energy goods covered under Chapter 27 of the Tariff Book published by the Tariff Commission. This is preserved in the RCEP Agreement as a reaffirmation of the continued cooperation on energy trade in the region. Tariff elimination important According to Lotilla, tariff elimination is important to ensure an unhampered supply of commodities, considering the reduced production from the Malampaya reserves. Also, the zero percent tariff rates are also applicable to liquefied natural gas, with the Philippines considering this as transition fuel for power plants supporting variable renewable energy coming into play this year in the country. “Thus, RCEP would not cause any adverse impact on imported energy goods such as oil and gas,” Lotilla said. “In addition, the zero percent tariff rates on coal products were extended to Most-Favored-Nation countries in light of the Russia-Ukraine crisis, which affected the global economic situation and the steady supply of commodities in the world.” In evaluating international agreements affecting the Philippine energy sector, the DoE considers investments, energy security, and access to technologies, maintaining that the energy sector is a capital-intensive undertaking where Filipino capital may not be sufficient. Advanced technological capabilities Lotilla said developed RCEP Partner Countries have advanced technological capabilities. Services by these countries in the Philippines could enhance technology transfer to local counterpart companies and the DoE. He also stressed that international energy cooperation is vital in pursuing collaborative activities with other countries to achieve greater energy self-sufficiency, security and sustainability. “These efforts are geared towards ensuring the country has enough energy supply to power Filipino households and communities. The DoE remains at the forefront in supporting President Marcos Jr. on this undertaking. As articulated in the latest 2020-2040 Philippine Energy Plan, the DoE works steadily across borders, consistent with its thrust of fostering stronger international relations and partnerships meant to elevate the country’s energy programs and projects to attract foreign investments,” he said. “Above all, the DoE is one with the Philippine government in assuring the public that the RCEP Agreement will not adversely impact the country’s energy supply chain. At the very least, it will further boost and encourage trade and investments in the country toward affordable, reliable, resilient, secure, clean, sustainable, climate-centered, and accessible energy,” Lotilla stressed. The post RCEP key energy plan factor — Lotilla appeared first on Daily Tribune......»»
China approves coal power surge despite emissions pledge: Greenpeace
China has approved a major surge in coal power so far this year, prioritizing energy supply over its pledge to reduce emissions from fossil fuels, Greenpeace said Monday. The world's second-largest economy is also its biggest emitter of the greenhouse gases driving climate change, such as carbon dioxide (CO2), and China's emissions pledges are seen as essential to keeping global temperature rise well below two degrees Celsius. The jump in approvals for coal-fired power plants, however, has fueled concerns that China will backtrack on its goals to peak emissions between 2026 and 2030 and become carbon-neutral by 2060. Local governments in energy-hungry Chinese provinces approved at least 20.45 gigawatts of coal-fired power in the first three months of 2023, Greenpeace said. That is more than double the 8.63 GW Greenpeace reported for the same period last year, and greater than the 18.55 GW that got the green light for the whole of 2021. China relied on coal for nearly 60 percent of its electricity last year. The push for more coal plants "risks climate disasters... and locking us into a high-carbon pathway," Greenpeace campaigner Xie Wenwen said. "The 2022 coal boom has clearly continued into this year." A study released in February by Global Energy Monitor (GEM) said China last year approved the largest expansion of coal-fired power plants since 2015. Vicious cycle Most of the new coal projects approved in the January-March period this year were in provinces that have suffered punishing power shortages due to record heatwaves in the last two years, Greenpeace said. Several others were in southwest China, where a record drought last year slashed hydropower output and forced factories to shut down. It was unclear how many of the coal power plants approved this year will begin construction. Greenpeace analysts warned that investing in more fossil-fuel plants to prepare for the spike in air conditioning will create a vicious cycle: increased greenhouse gas emissions from the coal plants will accelerate climate change, resulting in more frequent extreme weather such as heat waves. "China's power sector can still peak emissions by 2025," Greenpeace's Xie said, but added that emissions released today will linger in the atmosphere for decades. China is also the world's largest and fastest-growing producer of renewable energy. Wind, solar, hydro and nuclear sources are expected to supply a third of its electricity demand by 2025, up from 28.8 per cent in 2020, according to estimates by the National Energy Administration. But Greenpeace said the rise in approvals for coal power projects shows how the need for short-term economic growth is diverting investment away from renewable energy projects such as grid upgrades that can supply surplus wind and solar power to regions that need it. With an average lifespan of about 40 to 50 years, China's coal plants will be operating at minimum capacity and at a loss if the country delivers on its emissions pledge, according to the report. The China Electricity Council said more than half of the country's large coal-fired power companies made losses in the first half of 2022. The post China approves coal power surge despite emissions pledge: Greenpeace appeared first on Daily Tribune......»»
G7 pledges to quit fossil fuels faster, but no new deadline
The G7 pledged on Sunday to quit fossil fuels faster and urged other countries to follow suit, but failed to agree to any new deadlines on ending polluting power sources like coal. The language reflects the depth of disagreements among the allies on the balance between climate action and energy security, with host Japan leading a pushback against the most ambitious proposals discussed. After two days of talks in the northern city of Sapporo, the bloc's climate and environment ministers vowed to "accelerate the phase-out of unabated fossil fuels so as to achieve net zero in energy systems by 2050 at the latest... and call on others to join us in taking the same action". But they offered no new deadlines beyond last year's G7 pledge to largely end fossil fuel use in their electricity sectors by 2035. France's energy transition minister Agnes Pannier-Runacher said the "phase-out" wording was nonetheless a "strong step forward" ahead of the G20 and COP28 summits. Britain and France had put forward a new goal of ending "unabated" coal power -- which does not take steps to offset emissions -- in G7 electricity systems this decade. But with global energy supplies still squeezed by the war in Ukraine, the target faced pushback from other members, including bloc president Japan and the United States. "I would obviously have liked to have been able to make a commitment to phase out coal by 2030," Pannier-Runacher told AFP. But "it is one issue on which we can still make progress in forthcoming discussions, particularly at COP28", the UN climate conference to be held in Dubai this November. Call to reduce 'gas demand' The Group of Seven industrialiZed nations, which also includes Germany, Italy, Canada and the EU, all target net-zero emissions by 2050 or sooner after signing the Paris Agreement to cap warming at well under 2 degrees Celsius, and ideally 1.5C. The ministers had been under pressure to announce bold steps after a major UN climate report warned last month that 1.5C increases would be seen in about a decade without "rapid and far-reaching" action. But campaigners expressed fears ahead of the talks that Japan, supported by Germany and others, could lead backsliding on pledges such as ending new overseas fossil fuel financing. G7 leaders said last year that the "exceptional circumstances" of Russia's war in Ukraine made gas investments "appropriate as a temporary response". Sunday's statement contains similar language, but also sets multiple parameters around such investments and highlights the "primary need" for "gas demand reduction". Still, climate campaigners warned the ambiguity sends the wrong message. "The science is crystal clear that leaving the door open to investments in new gas or (liquefied natural gas) leaves the G7 off track for 1.5C," said Laurie van der Burg of Oil Change International. Japan's energy minister Yasutoshi Nishimura nonetheless characterized the communique as "ambitious" and praised the G7 for "recognizing diverse paths towards carbon neutrality" during the energy crisis. Hydrogen controversy Fatih Birol, executive director of the International Energy Agency, told AFP he was pleased with the statement. "It combines our current energy security concerns and it also provides a road map on how we deal with the climate crisis," he said, adding that Japan had played a "responsible and constructive" role. The bloc however stopped short of endorsing Japan's strategy of burning hydrogen and ammonia alongside fossil fuels to reduce emissions -- which activists say only serves to extend the lifespan of polluting plants. Its statement simply notes that "some countries are exploring" the potential of hydrogen fuels, adding that this should be "aligned with a 1.5C pathway". Attempts to commit to halving emissions from vehicles in the G7 by 2035 also floundered, but the group did pledge for the first time to end new plastic pollution by 2040. The statement also urges a peak in global greenhouse emissions by 2025 at the latest. Experts say this language is aimed at the world's largest carbon emitter, China, which is targeting a peak in its emissions by 2030. The post G7 pledges to quit fossil fuels faster, but no new deadline appeared first on Daily Tribune......»»
China doubles down on coal plants abroad despite carbon pledge at home
China will press ahead with its multi-billion-dollar financing of coal plants in developing countries, a top climate official said Tuesday, despite Beijing's stated aim of slashing carbon emissions......»»
Ministry beefs up emission reduction efforts
CHINA (China Daily) — China has sent a strong signal that it will ramp up efforts to curb carbon emissions with a vow to include climate impact in the nation’s environmental impact assessment. With the help of the assessment, the Ministry of Ecology and Environment will encourage different regions, industries and enterprises to reduce coal […] The post Ministry beefs up emission reduction efforts appeared first on Daily Tribune......»»
Australia to take China to WTO over barley tariffs
Australia said Wednesday it will ask the World Trade Organization to probe Chinese tariffs on barley imports, ramping up tensions between the two a day after Canberra hit out at a reported ban on coal exports as a breach of WTO rules......»»