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illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: China has significantly reduced the number of permits for new coal power plants, with a nearly 80% decrease in the first half of 2024 compared to the previous year, according to Greenpeace East Asia
• This comes as the country's wind and solar energy capacity has surpassed coal for the first time
🔭 The context: Despite the slowdown in coal permits, China commissioned 14 new coal plants in early 2024, albeit a significant drop from the same period in 2023
• The decrease in coal permits raises questions about China's future energy strategy amid ongoing investments in renewable energy
🌍 Why it matters for the planet: The shift away from coal permits suggests a potential turning point in China's energy transition, which could have a profound impact on global carbon emissions given China's role as the largest carbon emitter
⏭️ What's next: It remains uncertain whether this reduction signals a long-term decline in coal dependency or a temporary pause
• The focus may shift to improving grid connectivity to better utilize the expanding renewable energy capacity
💬 One quote: "Only time can tell," said Gao Yuhe, Greenpeace East Asia project lead, on whether the slowdown in coal permits marks the beginning of the end for coal in China
📈 One stat: China's wind and solar capacity reached 11.8 terawatts (TW) in the first half of 2024, surpassing its coal capacity of 11.7 TW for the first time
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