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Maguire: China's rare reduction in power pollution is offset by increased US emissions
Some people have said that it's pointless for other countries to reduce their pollution, while China continues to build new coal plants and raise its own emissions. The Chinese power sector has so far managed to achieve a rare reduction in pollution due to the use of fossil-fuels. This bodes well for those who track climate change and hope that China's massive pollution trends will soon peak. The cuts in China were more than offset by the sharply increased emissions from power plants in America, where coal-fired electric generation in 2025 has reached a three-year-high. Even if China's emissions drop, global pollution in the power sector will continue to rise this year due to the higher pollution load coming from America. The U.S. offset for pollution also negates the argument it's pointless to reduce pollution when China's emissions are increasing, and shows that other countries could be closer to capping the power sector discharge of the world if they follow China's example. COAL CUTS Data from the energy think tank Ember show that between January and July 2024, China's carbon dioxide emissions from fossil fuels used in power generation fell by 30 million metric tonnes. This emission reduction represents a 1% drop from the previous year and follows two years of pollution increases in China between January and July. China's fossil fuel power emissions have grown for nine years in a row. A modest reduction in emissions in 2025 will be a milestone in China’s efforts to reduce pollution. The total power emissions due to fossil fuels were 3,24 billion tons CO2 from January to July 2024, compared to 3,27 billion tons from January to July 2024. The first reduction in coal-fired electricity generation since 2022 has played a key role in the drop in emissions. This has also been made possible by an increase of 14% in clean electricity production year-over-year. The total clean electricity produced during the window of January to July was 2,445 Terawatt Hours (TWh), approximately 303 TWh higher than the amount generated in the same months of last year. The electricity generated by coal-fired plants, which remain China's primary power source, was 3,277 TWh from January to July. This is down about 30 TWh (or 1%) from the same period in 2024. The generation of electricity in China from gas-fired power plants was also down around 1% compared to a year earlier. US POWERING UPS While China's power sector reduced coal consumption this year, U.S. energy firms increased it. Coal-fired electricity supply grew by 16% between January and July 2024 compared to the same period in 2019. The total coal-fired electric supply in the United States was 435 TWh from January to July. This is up from 375 tWh one year earlier and represents the highest level since 2022. The increase in CO2 emissions from the spike in coal consumption was 37 million tons more than in the same months of last year. The total U.S. emissions of fossil fuels from the power sector during January-July were 978 millions tons of CO2, compared to 941 million tonnes for the same period 2024. The increase in the coal share in the U.S. generation mix, from under 15% to almost 17% in 2025. This increase in coal consumption was driven primarily by the rise in natural gas prices during the first months of the new year. Gas prices are expected to be 65% higher in the first half of 2025 than they were in the same period last year. In order to compensate for lower gas supplies, the power companies burned coal, which was cheaper, but had higher emissions. This caused the pollution surge. CLEANING UP In addition to the higher output of coal, U.S. utilities generated 30% more solar power from January to July than a year ago, as well as 3% more hydro and wind-powered energy. The total U.S. generation of clean electricity from January to July increased by 6%, reaching a record high of 1,155 TWh. The share of clean power in the U.S. electric generation mix increased to a record 44 % from January to July. This is up from a little under 43 % the previous year. U.S. utilities still rely heavily on fossil fuels to produce the majority of their electricity, despite the fact that total electricity demand is at its highest level in decades. Many utilities will continue to use coal in their generation mix to reduce costs, as thermal coal is still around 20% cheaper than natural gas. It is possible that U.S. emission levels will continue to rise, pushing global pollution to new heights even if China can manage to limit its fossil fuel consumption for the remainder of the year. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Nepal's army and young protesters in talks to choose interim leader
An army spokesperson announced that the army would resume discussions with the "Gen Z" protesters on Thursday to determine a new interim leader to lead the Himalayan nation. This follows angry demonstrations in which 30 people were killed and the prime minister was forced to resign. Soldiers patrolled quiet streets in Kathmandu after the capital's worst protests for years. The protests were sparked by a ban on social media that was lifted after 19 deaths. Police used tear gas and rubber-coated bullets to disperse the crowds. The spokesperson for Raja Ram Basnet said that the initial talks were underway and would continue to be held today. This was in reference to the discussions about a new interim leader. "We're trying to normalise things slowly." Nepal's Health Ministry reported that 30 people had died and 1,033 were injured as a result of the protests by Thursday. The army issued a statement saying that prohibition orders would remain in Kathmandu for the majority of the day. An airport spokesperson confirmed international flights. These protests are commonly referred to by the term "Gen Z", as most of the participants were young people who expressed frustration over the perceived failure of the government to combat corruption and increase economic opportunities. Raman Kumar Karna is the secretary of Supreme Court Bar Association. They consulted him. Karki, a journalist for the Indian news channel CNN News18, said: "I accepted their request when they asked me." After the resignation of the prime minister, the protests that saw government buildings from the Supreme Court to the homes of ministers including Oli's residence also being set on fire subsided. The Hilton Hotel in Kathmandu and several hotels in Pokhara, a tourist town, were among the businesses that caught fire. (Reporting and writing by Gopal Sharma, Shilpa jamkhandikar, editing by Clarence Fernandez).
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DiDi Global's $740m IPO settlement is likely to be ready by next month, according to plaintiffs' attorney
A Manhattan federal judge is expected to approve the $740 million settlement DiDi Global reached with a lawsuit alleging it defrauded its investors in connection with their initial public offering in mid-October. The class action lawsuit accused DiDi, of hiding and disobeying a Chinese Government order to delay its June 2021 IPO. This raised more than $4 billion and valued DiDi around $67.5 billion. In July 2021, shares of DiDi fell as China's Cyberspace Administration of China banned the company from accepting new customers. They also ordered the removal of DiDi Travel from app stores for smartphones. In July, the regulator fined DiDi a total of $1.2 billion. The plaintiffs' attorney wrote to U.S. district judge Lewis Kaplan, in Manhattan, that all parties were negotiating terms for a settlement and asked all deadlines be halted. Disclosure of settlement Last month, the company set aside $740m, or 5.3bn yuan for the agreement, resulting in a loss of $2.3bn. Outside of normal business hours, lawyers for the plaintiffs have not responded to similar requests. DiDi's lawyers and DiDi did not respond immediately to similar requests. In re DiDi Global Inc Securities Litigation is a case before the U.S. District Court for the Southern District of New York. 21-05807. (Reporting and editing by Chris Reese, Stephen Coates, and Jonathan Stempel from New York)
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JERA Japan to explore LNG exports from Alaska's $44 Billion export project
JERA will investigate the possibility of liquefied gas from the Alaska LNG Project, JERA and Glenfarne announced, while talks continue to sign binding contracts for the $44 billion project. Glenfarne, which assumed the role of lead developer in the Alaska LNG Project in March, has already signed preliminary agreements with Taiwan's CPC, and Thailand's PTT. However, firm deals are yet to be finalized. Glenfarne announced in a press release that it had signed a letter-of-intent with JERA to sell 1 million tons of LNG per year from the project for a period of 20 years on a "free-on-board" basis. In a separate announcement on Thursday, JERA, a joint-venture of Tokyo Electric Power & Chubu Electric Power in Japan, stated that the letter of intent would facilitate information sharing and collaboration between Glenfarne and JERA as it assesses project timeliness and economics. In a statement, Ryosuke tsugaru said, "This LOI is a platform to continue dialogue with Glenfarne and we look forward, as more details are revealed, to deepening understanding of the project." Glenfarne has stated that it will make a final investment (FID) on the Alaska LNG pipeline by the end of 2025, and the LNG export components in 2026. Donald Trump, the U.S. president, has promised to continue the project since he returned to office. The project aims to transport the stranded natural gas from Alaska’s remote north through the state, and then liquefy it to export. Despite Trump’s optimism, Japanese officials and energy executives are concerned that the expected costs of the project could make its gas more expensive than other sources. Reports indicate that Japan has hired Wood Mackenzie as a consultant to review the proposed 800-mile (1,287-km) Alaska gas pipeline, and LNG plant. This indicates that Tokyo may be considering a deeper involvement in this project. Reporting by Rishav chatterjee from Bengaluru; Katya Golubkova from Tokyo; Emily Chow from Milan. Editing and production by David Good and Sonali Paul.
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US ends electric vehicle carpool program
California officials announced on Wednesday that the federal government will prohibit states from allowing carpool lanes to be used by electric cars and other clean vehicles without having met vehicle occupancy requirements as of October 1. California Governor Gavin Newsom announced that single drivers who have the Clean Air Vehicle decal from the state will no longer be allowed to use carpool lanes in certain areas or to receive reduced tolls. California and other states used this perk to encourage the sale of electric vehicles. Donald Trump has targeted EVs in a variety of ways, including by signing a law to ban California's mandated electric vehicle sales. California has issued over 1 million decals in the past year. The program is now open to owners of EVs and plug-in hybrids under a Federal Highway Administration program. By removing this program, Californian drivers will be forced to pay the price. We urge the federal government not to remove this program. It is a loss-lose situation. "This is a fantastic program for Californians who are climate-conscious," said California Department of Motor Vehicles Director Steve Gordon. According to a spokesperson for the Transportation Department, Congress did not extend the deadline in 2021 when then-President Joe Biden was president. The department stated that "USDOT works with industry stakeholders to create policy priorities which best address the needs of the working class Americans." Trump signed legislation that ended the $7,500 tax credit for purchasing or leasing new electric cars on September 30. He also eliminated a $4,000 credit for used EVs, which had helped boost green vehicle sales over recent years. Congress is also considering imposing a new fee on EVs in order to fund road repairs, since they don't pay federal fuel tax. According to a law that Trump signed in July, the Trump Administration informed automakers that they would not be fined for failing to meet fuel-efficiency rules going back to 2022. The administration has made other changes which will save automakers millions of dollars by purchasing credits from Tesla or others to meet previous regulatory requirements. (Reporting and editing by Mark Porter, Marguerita Choy and David Shepardson)
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Vena, CEO of Union Pacific, says merger with Norfolk Southern will be approved
Union Pacific CEO Jim Vena stated on Wednesday that he is confident the railroad operator will receive approval for a merger from the U.S. government over its deal to acquire Norfolk Southern. Union Pacific announced in July that it would acquire the smaller competitor for $85 billion, including cash and stock. If approved, this acquisition would make the United States' first coast-tocoast freight rail operator. Vena, speaking at the Morgan Stanley Conference in New York, said that he had met with high-ranking officials of the government who called the deal "a win for the country". Do I think that we will get the approval? Vena said, "The answer is yes". Surface Transportation Board will be closely monitoring the merger. The Surface Transportation Board received an intent notice from both companies on July 30th, 2025. The companies intend to submit a formal application before January 29, and they are aiming for a close in early 2027. The White House terminated STB member Robert Primus last month as part of an broader dismissal of independent agencies and commissions by President Donald Trump. In a regulatory submission on Wednesday, the railroad that operates primarily on the West Coast said it expected $50 million in merger expenses and had paused its share repurchases as it waited for approval. (Reporting from AnshumanTripathy and ApratimSarkar in Bengaluru).
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Exports for September revised upwards, but the differential between uranium and urals oil remains unchanged
Sources said that the differential between Urals and Brent crudes in Russia remained unchanged, but that exports of this grade were revised upwards for September due to lower domestic refining. Two industry sources and calculations show that Russia revised its September crude export plans from western ports up to 2.1 millions barrels per day, an 11% increase over the initial schedule. This is due to drone attacks on domestic refining plants reducing local demand for crude. PLATTS WINDOW On Wednesday, there were no bids or offers made on Urals, Azeri BTC Blend or CPC blend in the Platts Window. The Energy Information Administration reported on Wednesday that U.S. crude oil and fuel inventories increased last week, despite a drop in demand and exports. Ursula von der Leyen, the head of the European Commission, said that the European Union was considering a quicker phase-out of Russian fuels in order to impose new sanctions on Moscow. This comes after U.S. demands for Europe to stop purchasing Russian oil. (Reporting and Editing by Kirsten Doovan)
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JERA signs LNG contract with Alaskan $44 billion LNG export project
Energy developer Glenfarne has agreed to supply Japan's largest power generator JERA with 1 million metric tons LNG per year for 20 years. This is a significant advance for the $44 Billion Alaska LNG Project, which had been criticized for its high cost. Glenfarne aims to make a final investment decisions (FIDs) on the Alaska LNG pipeline by the end of 2025, and for the LNG export components in 2026. Glenfarne, which acquired a 75% stake in the Alaska LNG Project in March and assumed the role of lead developer, has already signed preliminary agreements that cover more than half the third-party capacity available for the project. These include deals with Taiwan’s CPC, and Thailand’s PTT. The agreement signed today highlights Japan's increasing desire to secure flexible and stable LNG supplies in order to boost energy security and meet the soaring demand for electricity, fueled in part by an explosion in data centres. Japan is the second largest LNG importer in the world, and a major supporter of global energy infrastructure. It is also positioning itself to be a trading center that could channel U.S. Gas into emerging markets throughout Southeast Asia. The letter of intention marks a modest, but significant step forward for an export project that has been floated under various forms over the past decades, but has not been able to secure any binding contracts or investment commitments. Donald Trump, the U.S. president, has promised to continue the project since he returned to office. The project aims to transport the stranded natural gas from Alaska’s remote north through the state, before it is liquefied for export abroad. Despite Trump’s optimism, Japanese officials and energy executives are concerned that the projected costs of the project could make its gas more expensive than other sources. Reports earlier indicated that Tokyo was considering a deeper involvement in this project. Wood Mackenzie, a consultancy firm, had been hired by Japan to review the proposed 800-mile Alaska gas pipeline as well as the LNG plant.
What do we know about the Nord Stream explosions?
Italian police has
German prosecutors announced on Thursday that they have arrested a Ukrainian suspected of coordinating attacks on Nord Stream's gas pipelines.
The arrest marks the first major breakthrough in the investigation into mysterious underwater explosions which occurred in September 2022 on the Baltic Sea.
What we know about blasts
What is NORD STREAM?
Nord Stream System consists of two double pipes, Nord Stream 1 and Nord Stream 2, built by Russia’s state-controlled Gazprom, to deliver up 110 billion cubic meters (bcm), of gas per year across the Baltic Sea, to Germany.
Four concrete-coated steel pipes of approximately 1,200 km (750 mi) in length with a diameter of more than one meter were found at a depth between 80 and 110 m.
The NS1 was put into operation in 2012. NS2 has been completed and is filled with gas in September 2021, but it was never commissioned.
Germany canceled its approval process just days before Russia invaded Ukraine on 24 February 2022. This put Europe's dependence on Russian gas under the spotlight.
How were the pipes damaged?
The Swedish seismologists recorded several blasts on Sept. 26, 2022. They were 17 hours apart and occurred off the Danish Island of Bornholm. Three of the four NS pipes ruptured, sending methane plumes into the air.
Gazprom reported that about 800 million cubic meters of gas, which is equivalent to approximately three months' supply of Danish gas, had leaked. The gas leakage stopped after several days.
One pipeline, NS2, is the only one that remains intact. Denmark gave permission in January to carry out preservation work, but there is no evidence that any work was done.
Western companies that had stakes in the pipelines or who financed their construction, like E.ON and Shell, have written-off all of their investments following the explosions.
Who was behind the explosions?
No one has accepted responsibility.
Denmark and Sweden concluded that it was a sabotage act, but they closed their investigations without identifying a suspect in February 2024.
Western media including the New York Times, Wall Street Journal and others have reported that a pro Ukrainian group is behind the attack.
The German prosecution identified the suspect arrested only as Serhii, and claimed that he was a member of a group who planted devices near Bornholm on pipelines.
The prosecution said that he and his accomplices set out from Rostock, on Germany's northern-eastern coastline, in a sailing yacht rented to carry out the attacks.
Der Spiegel magazine in Germany and ZDF TV reported previously that six people, five men and one women, were aboard the yacht which left Rostock September 6, 2022 and returned September 23, 2022.
Andromeda was seen near the explosions on a Danish island called Christianso. It also appeared in the Swedish port Sandhamn, and at Kolobrzeg Marina, Poland before returning to Germany.
German media reported that German investigators raided a yacht in January 2023 and found traces of explosives similar to those discovered by Sweden on the explosion sites.
The Germans told the United Nations they believed that trained divers could have attached the devices to the pipes at a depth between 70 and 80 metres (262-262 ft).
German media reported also that Berlin issued an European arrest warrant for 2024 against Volodymyr, a Ukrainian diving teacher, as part of the attack.
Polish prosecutors stated that the suspect who was living in Poland during this time left later for Ukraine. The prosecutors also stated that there is no evidence suggesting Poland was used to launch the attacks.
What did Western Intelligence know about the attack?
Der Spiegel reported on September 27, 2022 that the CIA warned Germany about possible Baltic Sea pipeline attacks in summer 2022.
The Washington Post wrote, citing online leaks, that in June 2023, the United States knew of a Ukrainian attack plan on the Nord Stream gas pipelines 3 months before the damage was done.
The Post reported that the intelligence report was based upon information from a Ukrainian source. It added that the CIA had shared the report with Germany and other European nations in June 2022.
The Dutch national broadcaster NOS announced the same month the tip originated from the Dutch military spy agency MIVD.
The Post reported that the CIA had relayed through an intermediary to Ukraine's former Commander-in Chief General Valeriy Zaluzhnyi the message that Washington was against such an operation.
I was not able to independently verify the reports.
(source: Reuters)