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The Globe & Mail has an interesting article on China’s commitment to implementing CCT. They note that the Chinese want to reduce their carbon emissions and have set ambitious reduction goals. However, they are having to admit that the costs of their capacity build up are daunting.
China will spend more to research global warming but lacks the money and technology to significantly reduce the greenhouse gas emissions that are worsening the problem, a government official said Tuesday.
China “lags behind Europe and the United States” in the technology needed to clean its coal, which accounts for 69 per cent of its energy output, said Qin Dahe, chief of the China Meteorological Administration.
“It takes time to catch up,” said Mr. Qin, who served as one of China’s representatives to the United Nations Intergovernmental Panel on Climate Change that last week announced that global warming is very likely caused by mankind and will continue for centuries. …
China wants to reduce its dependence on coal, but converting to cleaner energies on a mass scale would be prohibitively costly for China, which is still a developing economy.
The lack of technology to clean coal – so it can burn without producing a much pollution – is a serious problem because China is already the world’s largest producer and consumer of coal, and is expected to surpass the United States as the world’s largest greenhouse-gas emitter in the next decade.
Mr. Qin said the central government had already set a “very ambitious and arduous goal” of reducing carbon dioxide and other emissions by 4 per cent a year over the next five years.
The central government is “very serious about the commitment and has firmly demanded all regions to meet the emissions reduction targets,” he said.
Peabody Energy (NYSE: BTU) today announced that Phillip V. Smith has joined its international sales and trading subsidiary, COALTRADE International, as Director of Trading for China, reporting to COALTRADE International President Paul Demzik. Smith will be responsible for Peabody’s coal sales, marketing, trading, brokerage and agency activities in China. He will be based in Peabody’s Beijing office.
“China has the fastest growing major economy and the fastest growing coal market in the world,” said Executive Vice President and Chief Marketing Officer Richard M. Whiting. “Peabody is expanding its international presence to assist in meeting China’s growing energy needs and capitalize on significant long-term growth opportunities there.”