NRG matters – China to ramp up coal output by 300m tons; UK taking steps to achieve net-zero economy by 2050

RIYADH: Countries around the world are looking for different options to meet their energy requirements. Ukraine, for example, is seeking help from the International Atomic Energy Agency to operate nuclear plants safely amid the ongoing war with Russia. China, on the other hand, is allowing for a coal comeback to curb energy shortages, and the UK is urging financial firms and listed companies to publish strategies to achieve a net-zero economy.

Looking at the bigger picture: 

•   Ukraine has requested a comprehensive list of equipment from the International Atomic Energy Agency to help it operate its nuclear plants in the light of geopolitical tensions with Russia, Reuters reported, citing IAEA Director General Rafael Grossi.

The equipment includes power supply systems, radiation measurement devices, computer-related assistance, among others.

•  Despite efforts to slash carbon emissions, China is set to ramp up coal production by 300 million tons in 2022, Bloomberg reported, citing official plans. 

This comes as the Asian country tries to recover from the drop in economic growth because of energy shortages, which resulted in blackouts and plants shutting down.

•  The UK has revealed plans to write rules urging financial companies and listed firms to publish strategies in 2023 to back targets to transition to a net-zero economy by 2050.

The strategies by each firm should include goals to diminish climate risk, interim goals in the period between 2023 and 2050, and the measures which the firms intend to take in order to meet those goals, Reuters reported, citing British Finance Minister, Rishi Sunak.