Asian Markets

(Yicai Global) Nov. 27 — China’s emissions of carbon dioxide per unit of gross domestic product fell 4 percent last year, meaning the total has dropped almost 46 percent since 2005, according to an official report published today.

That equals a total reduction of 5.26 billion tons of carbon dioxide emissions over those years, the Ministry of Ecology and Environment said in its 11th annual report on China’s climate change policies and actions.

The report shows that the government took a series of policy measures last year to control greenhouse gas emissions, while improving the system to combat climate change and promoting the development of a carbon emissions market, Vice Minister Zhao Yingmin said at a press conference.

In recent years, China has continued to control greenhouse gas emissions through industrial restructuring and clean energy development.

China has continued to address the problem of excess steel and coal capacity, the report said. By the end of 2018, it had slashed more than 150 million tons of crude steel capacity, and shut more than 20 million kilowatts of outdated coal power plants, achieving its 2016-2020 production reduction target two years in advance.

Coal accounted for 59 percent of energy use last year, down 1.4 percentage point. Meanwhile, the country vigorously developed non-petrochemical energy. Its installed generating capacity from renewable sources rose 12 percent to 730 million kilowatts at the end of last year, accounting for 38.3 percent of all installed capacity, a gain of 1.7 point.

By the end of June, China had opened pilot carbon emission markets in the cities of Beijing, Tianjin, Shanghai, Chongqing and Shenzhen as well as in the provinces of Hubei and Guangdong. Market quota transactions are running smoothly, and the accumulated spot trading volume of quotas has reached 330 million tons of carbon dioxide, with transactions amounting to CNY7.1 billion (USD1 billion).

The 2019 United Nations Framework Convention on Climate Change will be held in Madrid, Spain, next month. China hopes the important meeting will help negotiations on the implementation of the Paris Agreement’s remaining issues, and that developed countries will fulfill their commitments to provide climate funding assistance to developing countries.

https://yicaiglobal.com/news/china-co2-emissions-fell-4-last-year-bringing-decline-to-nearly-46-since-2005

(Yicai Global) Nov. 27 — China’s emissions of carbon dioxide per unit of gross domestic product fell 4 percent last year, meaning the total has dropped almost 46 percent since 2005, according to an official report published today.

That equals a total reduction of 5.26 billion tons of carbon dioxide emissions over those years, the Ministry of Ecology and Environment said in its 11th annual report on China’s climate change policies and actions.

The report shows that the government took a series of policy measures last year to control greenhouse gas emissions, while improving the system to combat climate change and promoting the development of a carbon emissions market, Vice Minister Zhao Yingmin said at a press conference.

In recent years, China has continued to control greenhouse gas emissions through industrial restructuring and clean energy development.

China has continued to address the problem of excess steel and coal capacity, the report said. By the end of 2018, it had slashed more than 150 million tons of crude steel capacity, and shut more than 20 million kilowatts of outdated coal power plants, achieving its 2016-2020 production reduction target two years in advance.

Coal accounted for 59 percent of energy use last year, down 1.4 percentage point. Meanwhile, the country vigorously developed non-petrochemical energy. Its installed generating capacity from renewable sources rose 12 percent to 730 million kilowatts at the end of last year, accounting for 38.3 percent of all installed capacity, a gain of 1.7 point.

By the end of June, China had opened pilot carbon emission markets in the cities of Beijing, Tianjin, Shanghai, Chongqing and Shenzhen as well as in the provinces of Hubei and Guangdong. Market quota transactions are running smoothly, and the accumulated spot trading volume of quotas has reached 330 million tons of carbon dioxide, with transactions amounting to CNY7.1 billion (USD1 billion).

The 2019 United Nations Framework Convention on Climate Change will be held in Madrid, Spain, next month. China hopes the important meeting will help negotiations on the implementation of the Paris Agreement’s remaining issues, and that developed countries will fulfill their commitments to provide climate funding assistance to developing countries.

https://yicaiglobal.com/news/china-co2-emissions-fell-4-last-year-bringing-decline-to-nearly-46-since-2005

(Yicai Global) July 31 — China’s Wanhua Chemical Group has acquired Sweden’s Chematur Technologies for CNY925 million (USD134.4 million) to improve its research and development abilities in Europe before another purchase from the same seller regarding a chemical plant in China’s Fujian province.

Wanhua has bought the entire equity of Chematur from Kangnaier Investment Group, the Shandong province-based firm said in a statement yesterday. The former parent did not disclose the reason for selling the asset.

Wanhua is also planning to buy an 80 percent stake in Kangnaier’s upcoming methylene diphenyl isocyanate plant in Fujian, with an annual production capacity of 800,000 tons of the chemical used to make coatings, foams, and adhesives. The factory is scheduled to be put into operation in October.

Wanhua aims to enhance its global competitiveness via the acquisition, it said. The firm made one-fifth of the global supply of MDI last year, according to its annual report.

In 2014, Kangnaier bought the Orebro-based chemical firm for nearly USD100 million.

Editor: Emmi Laine

https://www.yicaiglobal.com/news/china-wanhua-buys-sweden-chematur-for-usd1344-million-ahead-of-mdi-plant-deal

(Yicai Global) July 31 — China’s Wanhua Chemical Group has acquired Sweden’s Chematur Technologies for CNY925 million (USD134.4 million) to improve its research and development abilities in Europe before another purchase from the same seller regarding a chemical plant in China’s Fujian province.

Wanhua has bought the entire equity of Chematur from Kangnaier Investment Group, the Shandong province-based firm said in a statement yesterday. The former parent did not disclose the reason for selling the asset.

Wanhua is also planning to buy an 80 percent stake in Kangnaier’s upcoming methylene diphenyl isocyanate plant in Fujian, with an annual production capacity of 800,000 tons of the chemical used to make coatings, foams, and adhesives. The factory is scheduled to be put into operation in October.

Wanhua aims to enhance its global competitiveness via the acquisition, it said. The firm made one-fifth of the global supply of MDI last year, according to its annual report.

In 2014, Kangnaier bought the Orebro-based chemical firm for nearly USD100 million.

Editor: Emmi Laine

https://www.yicaiglobal.com/news/china-wanhua-buys-sweden-chematur-for-usd1344-million-ahead-of-mdi-plant-deal

(Yicai Global) July 17 — Beijing had the lowest concentrations of four major air pollutants for the period January to June since records began 35 years ago, showing that the city’s continued efforts to improve air quality are paying off.

Air quality reached the required standard for 113 days, or 62.4 percent of the time, according to information released today by the Beijing Municipal Ecological Environment Bureau. Only three days were heavily polluted, five days less than the same period last year.

The city’s PM2.5 concentrations were controlled between 38 and 50 micrograms per cubic meter in the first half of this year, indicating good air quality, the bureau’s report said. PM2.5 refers to particulate matter that is 2.5 micrometers in diameter or smaller and is dangerous to human health.

Beijing set up an air monitoring system in 1984, which was upgraded before the 2008 Olympic Games. Since January 2012, readings have been made public on a daily basis.

The city is ahead of schedule in meeting additional pollution control targets introduced by the municipality in February. It has taken 25,000 obsolete heavy-duty diesel vehicles with substandard emissions off the roads, is promoting electric taxi use and new policies have been applied to over 30,000 green taxis this year. It has also closed 323 industrial manufacturing plants with high emission levels.

The report went on to say that the capital had an average PM2.5 concentration of 46mcg per cubic meter in the first six months, down 13.2 percent from a year earlier. PM10 fell 10.5 percent to 77mcg, sulfur dioxide plunged 28.6 percent to 5mcg and nitrogen dioxide was down 2.6 percent at 37mcg.

https://yicaiglobal.com/news/beijing-air-is-the-cleanest-it-been-since-records-began-in-1984