In China’s case, those problems have been made more intense by Beijing’s ban on coal imports from Australia. The price of coking or metallurgical coal, which is used to produce steel, is also at a record level.īeijing’s ban on coal imports from Australia The price of thermal coal, which is used to generate electricity, has more than doubled during the last 12 months reflecting higher demand, particularly from Asia, as well as some supply constraints caused by the fact there has been less investment in coal mines during the last decade. The world may be trying to wean itself off coal but the price of the world’s least-loved commodity has soared this year as economies emerge from the pandemic and their industries fire up again. President Xi Jinping told the United Nations General Assembly a year ago that China was aiming to hit its peak in CO 2 emissions before 2030 and was targeting carbon neutrality before 2060.Īs part of achieving these targets, Beijing is aiming to cut its energy consumption this year by 3%, but many provinces look like falling short of that climate goal.Īnother reason for the power cuts China is currently enduring is coal itself.
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So it is ironic that these power cuts are partly because many Chinese provinces are trying hard to meet emissions targets imposed by Beijing. The cuts also threaten to exacerbate the global chip shortages that have forced carmakers in Europe to suspend production. Suppliers to US tech companies including Apple and Tesla have been among those forced to suspend production due to power shortages. Impact on the global marketĪccordingly, power supplies are being cut, potentially with far-reaching implications. The upshot is that a number of forecasters are now predicting China’s economy will grow less rapidly this year than expected. Of the 31 provinces on mainland China, 16 have been rationing power, affecting areas that make up two-thirds of the country’s economic output.
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About the power curbsĪ series of power cuts has hit millions of homes and businesses, particularly big industrial users of energy.
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While the UK obsesses about panic-buying of petrol, there are fuel crises going on elsewhere around the world, no more so than in China, reports Sky News.