A German retiree facing sky-high energy bills is turning to a wood-burning stove. The owner of a dry cleaning business in Spain adjusted her employees’ work shifts to cut electric bills and installed solar panels. A mayor in France said he ordered a hiring freeze because rising electrical bills threaten a financial “catastrophe.”

Europeans have long paid some of the world’s highest prices for energy, but no one can remember a winter like this one. Lives and livelihoods across the continent are being upended by a series of factors, including pandemic-induced supply shortages and now geopolitical tensions that are driving some energy prices up fivefold.

Matters could get worse if tensions between Russia and Ukraine escalate further, potentially interrupting the flow of gas. Russia provides more than one-third of Europe’s natural gas, which heats homes, generates electricity and powers factories. Even as politicians and leaders in capitals across Europe are freezing prices, slashing taxes on energy and issuing checks to households hardest hit by the price increases, concerns are growing about what the persistently high prices could mean for peoples’ jobs and their ability to pay their bills.

“People are very upset and very distressed,” said Stefanie Siegert, who counsels consumers in the eastern German state of Saxony who find themselves struggling to pay their gas and power bills.

Germany has so far not seen protests over exorbitant energy bills like those that filled streets in Spain last year, or an explosive outcry over inequality on the level of the yellow vest movement that rocked France in 2018. But Siegert, whose agency counseled more than 300 customers in January — three times its monthly average — said she wouldn’t be surprised if the anger directed at the prospect of a vaccine mandate shifted its sights to energy prices.

“When you talk with people, you feel their anger,” she said. “It is very depressing.”

Charged in one month what he used to pay in a year

Henry Backhaus, 65, is among tens of thousands of Germans who were dropped by private energy companies that could not afford to buy wholesale electricity and gas at soaring rates. Under German law, the local utility was then required to step in, but it sent him a bill for 747 euros (nearly $850) a month — more than he had been paying for an entire year.

“I am a retiree,” he said, looking over the stack of paperwork spread out on his dining room table. “That is more than what I can afford.”

But Backhaus, who lives in a three-story house in Saxony, has an alternative that might make him the envy of the millions of other Germans stuck with high energy bills: He has a large wood stove in his living room and, in his basement next to his gas-fired furnace, a furnace that burns coal or wood.

The stove and furnace, installed before the house was connected to a gas main, allow him to turn down the dial on his radiators to just 18 degrees Celsius, or 64 Fahrenheit, essentially cutting his gas bill in half.

“I still have a reserve of coal briquettes and stacks of dried wood,” he said, poking another log into the stove. “But this is only temporary. It is not a long-term solution.”

Most people don’t have the option of burning wood or coal, relying instead on piling on layers of clothing. In Britain, the government’s price cap on energy bills was recently raised 54%, increasing annual charges to 1,971 pounds. That increase will affect 22 million households beginning in April, contributing to broadening worries in Britain about the rising cost of living.

Similar concerns can be found throughout the continent.

Athina Sirogianni, 46, a freelance translator in Athens, Greece, said she remembered fondly the day about a decade ago when her building switched from oil to natural gas. The move cut her utility bill in half.

Now, her heating bill is nearly triple last year’s.

“I keep trying to think of where I can cut spending so I can afford the bills,” she said, adding that she hasn’t visited the hairdresser in nearly a year, and has pared back her food shopping to the essentials.

‘The more we produce, the more we lose’

The price of energy is also forcing shutdowns or slowing production at manufacturers across Europe, even as they are eager to fill a backlog of orders and resume levels of business from before the pandemic.

The smelting industry has been especially hit hard. Nyrstar, the world’s second-largest zinc processor, produces nearly 500 tons of the metal each day at a sprawling factory in Auby, in northern France, a complex that consumes as much energy as the French city of Lyon.

When its electrical rates surged from 35 euros to 50 euros per megawatt-hour to 400 euros in December, it made no sense to keep the factory running, said Xavier Constant, Nyrstar France’s general manager. At that rate, he said, “the more we produce, the more we lose,” and so the plant shut down last month for three weeks.

Nyrstar temporarily halved production at its other European plants in October when the energy crisis set in, prompting a brief spike in the global price of zinc.

Last fall, fertilizer plants in Britain were forced to close because of gas prices. And several German companies that produce glass, steel and fertilizer have also scaled back production in recent months.

To ease the burden of the high prices, the government in Berlin reduced by half an energy surcharge on bills aimed at funding the country’s transition to renewable sources of power, and plans to phase it out by the end of next year.

But industry leaders say that is not soon enough. Almost two-thirds of the 28,000 companies surveyed by the Association of German Chambers of Commerce and Industry this month rated energy prices as one of their biggest business risks. For those in the industrial sector, the figure was as high as 85%.

Small businesses, too, are scrambling for ways to cut costs.

Pilar Ballesteros Parra, who co-owns Ronsel, a dry cleaning business in Madrid that employs 10 people, said that her company’s electricity rates had risen about 20% from the previous year. In reaction, she has reorganized her employees’ work schedule, starting the early shift earlier and pushing the late shift further into the evening so the dry-cleaning equipment can run when rates are lowest.

She is also installing solar panels on the company’s building, outside of the Spanish capital, so that Ronsel can generate at least 60% of its own energy. The government is helping her with a 35% subsidy of the $45,000 investment.

“Our building faces southwest and gets a lot of sun, so that means that we should be almost self-sustainable during the coming months of spring and summer, which will be a big relief,” she said.

Still, she said, the energy crunch and overall price inflation meant that she saw little chance of sparing her customers some of the burden.

“There’s clearly this electricity headache, but there’s also now wage inflation and much higher gas bills for our vans,” she said. “In a few months, it’s clear that some of these costs will have to be passed on to our clients if we want to keep going.”

For public budgets, ‘like riding a roller coaster’

A broad range of public institutions are facing strains from higher power bills. In Poland, hospitals that have already been financially stretched by the coronavirus pandemic now question if they can keep their doors open.

“Managing a hospital in Poland is more and more like riding a roller coaster,” Robert Suroweic, who manages the Provincial Hospital in Gorzow, said on Twitter. He said the facility’s electricity prices had increased 100%.

He and other hospital directors have appealed to the government in Warsaw to intervene, saying the recent cuts to taxes on energy and gasoline were not enough.

In Germany, there is rising tension in municipally owned utilities that must accept customers, like Backhaus in Saxony, whose relatively low-cost contracts have been dropped by private energy companies because the companies can’t pay ballooning energy rates.

The municipal utilities are forced to increase the rates for these new customers, often almost astronomically high, to cover the cost of buying extra energy on the spot market at record prices. That leads to tensions in communities, and can threaten municipal finances.

“Anyone who wants to will be supplied with energy by the municipal utilities,” said Markus Lewe, president of the German Association of Cities and Towns. “But it must not lead to the municipal utilities and their loyal customers being asked to pay for questionable business models of other providers and having to answer for their shortsighted financing.”

He called on the federal government to intervene, to protect cities from the price instability.

In France, local leaders are also looking to the federal government to help ease the sting of skyrocketing energy bills.

Boris Ravignon, the mayor of Charleville-Mézières, said his city is facing “a catastrophe” after its January energy bill more than tripled, wiping out the region’s budget surplus for infrastructure and public services in a single month. The city is trying to cut costs by switching streetlights to LED bulbs, which use less electricity, and has proposed a new hydroelectric project.

The mayor has already frozen planned hirings and said the city may have no choice but to raise the cost of public services like water, transportation, fees to use sports halls like the city’s public pool, and cultural events.

“We really want to protect citizens from these increases,” Ravignon said. “But when prices reach such crazy heights, it’s impossible.” 
&nbsp;

A German retiree facing sky-high energy bills is turning to a wood-burning stove. The owner of a dry cleaning business in Spain adjusted her employees’ work shifts to cut electric bills and installed solar panels.

A German retiree facing sky-high energy bills is turning to a wood-burning stove. The owner of a dry cleaning business in Spain adjusted her employees’ work shifts to cut electric bills and installed solar panels. A mayor in France said he ordered a hiring freeze because rising electrical bills threaten a financial “catastrophe.” Europeans have long paid some of the world’s highest prices for energy, but no one can remember a winter like this one. Lives and livelihoods across the continent are being upended by a series of factors, including pandemic-induced supply shortages and now geopolitical tensions that are driving some energy prices up fivefold. Matters could get worse if tensions between Russia and Ukraine escalate further, potentially interrupting the flow of gas. Russia provides more than one-third of Europe’s natural gas, which heats homes, generates electricity and powers factories. Even as politicians and leaders in capitals across Europe are freezing prices, slashing taxes on energy and issuing checks to households hardest hit by the price increases, concerns are growing about what the persistently high prices could mean for peoples’ jobs and their ability to pay their bills. “People are very upset and very distressed,” said Stefanie Siegert, who counsels consumers in the eastern German state of Saxony who find themselves struggling to pay their gas and power bills. Germany has so far not seen protests over exorbitant energy bills like those that filled streets in Spain last year, or an explosive outcry over inequality on the level of the yellow vest movement that rocked France in 2018. But Siegert, whose agency counseled more than 300 customers in January — three times its monthly average — said she wouldn’t be surprised if the anger directed at the prospect of a vaccine mandate shifted its sights to energy prices. “When you talk with people, you feel their anger,” she said. “It is very depressing.” Charged in one month what he used to pay in a year Henry Backhaus, 65, is among tens of thousands of Germans who were dropped by private energy companies that could not afford to buy wholesale electricity and gas at soaring rates. Under German law, the local utility was then required to step in, but it sent him a bill for 747 euros (nearly $850) a month — more than he had been paying for an entire year. “I am a retiree,” he said, looking over the stack of paperwork spread out on his dining room table. “That is more than what I can afford.” But Backhaus, who lives in a three-story house in Saxony, has an alternative that might make him the envy of the millions of other Germans stuck with high energy bills: He has a large wood stove in his living room and, in his basement next to his gas-fired furnace, a furnace that burns coal or wood. The stove and furnace, installed before the house was connected to a gas main, allow him to turn down the dial on his radiators to just 18 degrees Celsius, or 64 Fahrenheit, essentially cutting his gas bill in half. “I still have a reserve of coal briquettes and stacks of dried wood,” he said, poking another log into the stove. “But this is only temporary. It is not a long-term solution.” Most people don’t have the option of burning wood or coal, relying instead on piling on layers of clothing. In Britain, the government’s price cap on energy bills was recently raised 54%, increasing annual charges to 1,971 pounds. That increase will affect 22 million households beginning in April, contributing to broadening worries in Britain about the rising cost of living. Similar concerns can be found throughout the continent. Athina Sirogianni, 46, a freelance translator in Athens, Greece, said she remembered fondly the day about a decade ago when her building switched from oil to natural gas. The move cut her utility bill in half. Now, her heating bill is nearly triple last year’s. “I keep trying to think of where I can cut spending so I can afford the bills,” she said, adding that she hasn’t visited the hairdresser in nearly a year, and has pared back her food shopping to the essentials. ‘The more we produce, the more we lose’ The price of energy is also forcing shutdowns or slowing production at manufacturers across Europe, even as they are eager to fill a backlog of orders and resume levels of business from before the pandemic. The smelting industry has been especially hit hard. Nyrstar, the world’s second-largest zinc processor, produces nearly 500 tons of the metal each day at a sprawling factory in Auby, in northern France, a complex that consumes as much energy as the French city of Lyon. When its electrical rates surged from 35 euros to 50 euros per megawatt-hour to 400 euros in December, it made no sense to keep the factory running, said Xavier Constant, Nyrstar France’s general manager. At that rate, he said, “the more we produce, the more we lose,” and so the plant shut down last month for three weeks. Nyrstar temporarily halved production at its other European plants in October when the energy crisis set in, prompting a brief spike in the global price of zinc. Last fall, fertilizer plants in Britain were forced to close because of gas prices. And several German companies that produce glass, steel and fertilizer have also scaled back production in recent months. To ease the burden of the high prices, the government in Berlin reduced by half an energy surcharge on bills aimed at funding the country’s transition to renewable sources of power, and plans to phase it out by the end of next year. But industry leaders say that is not soon enough. Almost two-thirds of the 28,000 companies surveyed by the Association of German Chambers of Commerce and Industry this month rated energy prices as one of their biggest business risks. For those in the industrial sector, the figure was as high as 85%. Small businesses, too, are scrambling for ways to cut costs. Pilar Ballesteros Parra, who co-owns Ronsel, a dry cleaning business in Madrid that employs 10 people, said that her company’s electricity rates had risen about 20% from the previous year. In reaction, she has reorganized her employees’ work schedule, starting the early shift earlier and pushing the late shift further into the evening so the dry-cleaning equipment can run when rates are lowest. She is also installing solar panels on the company’s building, outside of the Spanish capital, so that Ronsel can generate at least 60% of its own energy. The government is helping her with a 35% subsidy of the $45,000 investment. “Our building faces southwest and gets a lot of sun, so that means that we should be almost self-sustainable during the coming months of spring and summer, which will be a big relief,” she said. Still, she said, the energy crunch and overall price inflation meant that she saw little chance of sparing her customers some of the burden. “There’s clearly this electricity headache, but there’s also now wage inflation and much higher gas bills for our vans,” she said. “In a few months, it’s clear that some of these costs will have to be passed on to our clients if we want to keep going.” For public budgets, ‘like riding a roller coaster’ A broad range of public institutions are facing strains from higher power bills. In Poland, hospitals that have already been financially stretched by the coronavirus pandemic now question if they can keep their doors open. “Managing a hospital in Poland is more and more like riding a roller coaster,” Robert Suroweic, who manages the Provincial Hospital in Gorzow, said on Twitter. He said the facility’s electricity prices had increased 100%. He and other hospital directors have appealed to the government in Warsaw to intervene, saying the recent cuts to taxes on energy and gasoline were not enough. In Germany, there is rising tension in municipally owned utilities that must accept customers, like Backhaus in Saxony, whose relatively low-cost contracts have been dropped by private energy companies because the companies can’t pay ballooning energy rates. The municipal utilities are forced to increase the rates for these new customers, often almost astronomically high, to cover the cost of buying extra energy on the spot market at record prices. That leads to tensions in communities, and can threaten municipal finances. “Anyone who wants to will be supplied with energy by the municipal utilities,” said Markus Lewe, president of the German Association of Cities and Towns. “But it must not lead to the municipal utilities and their loyal customers being asked to pay for questionable business models of other providers and having to answer for their shortsighted financing.” He called on the federal government to intervene, to protect cities from the price instability. In France, local leaders are also looking to the federal government to help ease the sting of skyrocketing energy bills. Boris Ravignon, the mayor of Charleville-Mézières, said his city is facing “a catastrophe” after its January energy bill more than tripled, wiping out the region’s budget surplus for infrastructure and public services in a single month. The city is trying to cut costs by switching streetlights to LED bulbs, which use less electricity, and has proposed a new hydroelectric project. The mayor has already frozen planned hirings and said the city may have no choice but to raise the cost of public services like water, transportation, fees to use sports halls like the city’s public pool, and cultural events. “We really want to protect citizens from these increases,” Ravignon said. “But when prices reach such crazy heights, it’s impossible.”

How Europeans are responding to exorbitant gas and power bills

At an estimated cost of $57.36 billion, France says that it will build six new Nuclear reactors. According to President Macron, the first reactor will go online by 2035.

France to build six new Nuclear reactors at an estimated cost of $57.36 billion

Scientists in Europe have reportedly made a major breakthrough towards achieving practical nuclear fusion, the process that powers the Sun and enables all life on Earth. BBC reported that UK-based JET laboratory has broken its own record in achieving practical nuclear fusion.

As per the report, the laboratory was able to produce energy of 59 megajoules (11 megawatts) over five seconds. This may not sound much but it is more than double the energy that was formed in a test held in the year 1997. And the breakthrough takes us one step closer towards obtaining energy from practical nuclear fusion.

If humans are able to master nuclear fusion, there will be no need to use fossil fuel-based energy sources and even nuclear power. Nuclear fusion energy would become an ideal source of low-carbon, low-radiation energy.

"The JET experiments put us a step closer to fusion power," said Dr Joe Milnes, the head of operations at the reactor lab. "We've demonstrated that we can create a mini star inside of our machine and hold it there for five seconds and get high performance, which really takes us into a new realm." Dr Milnes was quoted by BBC.

Nuclear fusion is a process of fusion of hydrogen atoms that creates helium and energy. This is different than nuclear fission which involves splitting of atoms to release energy. Nuclear fission reaction is involved in atomic bomb explosions and Nuclear power plants. While nuclear fusion reaction takes place in the Sun.

Does the latest breakthrough mean that energy from nuclear fusion can immediately be used to power our factories and vehicles? No. Because large scale, stable production of such energy can reportedly be achieved in few decades.

Scientists in Europe have reportedly made a major breakthrough towards achieving practical nuclear fusion, the process that powers the Sun and enables all life on Earth.

Scientists in Europe have reportedly made a major breakthrough towards achieving practical nuclear fusion, the process that powers the Sun and enables all life on Earth. BBC reported that UK-based JET laboratory has broken its own record in achieving practical nuclear fusion. As per the report, the laboratory was able to produce energy of 59 megajoules (11 megawatts) over five seconds. This may not sound much but it is more than double the energy that was formed in a test held in the year 1997. And the breakthrough takes us one step closer towards obtaining energy from practical nuclear fusion. If humans are able to master nuclear fusion, there will be no need to use fossil fuel-based energy sources and even nuclear power. Nuclear fusion energy would become an ideal source of low-carbon, low-radiation energy. "The JET experiments put us a step closer to fusion power," said Dr Joe Milnes, the head of operations at the reactor lab. "We've demonstrated that we can create a mini star inside of our machine and hold it there for five seconds and get high performance, which really takes us into a new realm." Dr Milnes was quoted by BBC. Nuclear fusion is a process of fusion of hydrogen atoms that creates helium and energy. This is different than nuclear fission which involves splitting of atoms to release energy. Nuclear fission reaction is involved in atomic bomb explosions and Nuclear power plants. While nuclear fusion reaction takes place in the Sun. Does the latest breakthrough mean that energy from nuclear fusion can immediately be used to power our factories and vehicles? No. Because large scale, stable production of such energy can reportedly be achieved in few decades.

Scientists report major breakthrough creating nuclear fusion energy

Climate change is slowly becoming a major priority for most nations, but many are still getting away with what is known as greenwashing.

EU members revolt against the proposal to make Nuclear energy as green

An analysis by the Center for Global Development (CGD) reports that the average Briton produced more carbon dioxide in the first two days of January than an average person from the Democratic Republic of Congo would in an entire year.

This study shows that rich and poor countries have vast energy inequalities, with Brits generating 200 times as much climate emissions as their Congolese counterparts, while Americans emit 585 times as much.&nbsp;

Carbon emissions in the UK will surpass those of 30 low- and middle-income countries by the end of January, according to the study.

Also read |&nbsp;<a href="https://www.wionews.com/science/how-climate-change-will-impact-plantation-of-cash-crops-such-as-avocado-coffee-and-cashew-448154">How climate change will impact plantation of cash crops such as avocado, coffee and cashew</a>

Euan Ritchie, a policy analyst for CGD Europe, said he was inspired by the "climate hypocrisy" of western countries, such as the US and UK, which have pledged to stop funding fossil fuel projects in developing countries.

Ritchie noted that rich countries wrung their hands when it came to the extent to which fossil fuels should be financed by aid and other development finance in poorer countries. This hypocrisy caught Ritchie's attention.

&nbsp;A cruel irony would be if the countries that are least responsible for this problem cannot access energy infrastructure says, Ritchie.

Various countries, including developing nations, and financial institutions have pledged to end their support for international fossil fuel projects. Even so, these same countries will also be able to develop fossil fuels in their own country.&nbsp;

Currently, 24 fossil fuel projects are pending in the US with potential greenhouse gas emissions of up to 1.6 gigatons, while new oil and gas fields are being licensed in the North Sea.

Also read |&nbsp;<a href="https://www.wionews.com/trending/consider-carpooling-french-car-ads-to-contain-messages-fostering-less-polluting-alternatives-442002">'Consider carpooling': French car ads to contain messages fostering less-polluting alternatives</a>

Using the World Bank's annual data, CGD calculated the point where a British or US citizen's energy consumption exceeded that of someone in a low- or middle-income country.&nbsp;

Vijaya Ramachandran, a Berkeley, California, energy expert leading the head of the Breakthrough Institute's energy and development program argues that blanket bans on fossil fuel projects in developing nations will exacerbate poverty while doing little to curb carbon emissions worldwide.

The rich countries easily impose fossil fuel funding bans on poor countries while increasing their own consumption of fossil fuels at the same time, she noted. This is blatant hypocrisy and is detrimental for developing countries as they require a wide range of energy to sustain their development, she added.

Also read |&nbsp;Gravitas: Can nuclear power solve climate change?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-can-nuclear-power-solve-climate-change-420544/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

According to her, the notion that African countries only need solar energy is completely hypocritical and colonial. Renewable energy is intermittent and therefore needs to be backed up by other sources of power.&nbsp;

The research from the CGD should be used to inform the debate over responsibility for the climate crisis, according to Rose M Mutiso, the director of the Energy for Growth Hub.

Mutiso, who is Kenyan, said solving the climate crisis in the medium term is up to the high emitting countries, not only because they caused the problem but logically because they are the ones with the highest emissions.

An analysis by the Center for Global Development (CGD) reports that the average Briton produced more carbon dioxide in the first two days of January than an average person from the Democratic Republic of Congo would in an entire year.

An analysis by the Center for Global Development (CGD) reports that the average Briton produced more carbon dioxide in the first two days of January than an average person from the Democratic Republic of Congo would in an entire year. This study shows that rich and poor countries have vast energy inequalities, with Brits generating 200 times as much climate emissions as their Congolese counterparts, while Americans emit 585 times as much. Carbon emissions in the UK will surpass those of 30 low- and middle-income countries by the end of January, according to the study. Also read | How climate change will impact plantation of cash crops such as avocado, coffee and cashew Euan Ritchie, a policy analyst for CGD Europe, said he was inspired by the "climate hypocrisy" of western countries, such as the US and UK, which have pledged to stop funding fossil fuel projects in developing countries. Ritchie noted that rich countries wrung their hands when it came to the extent to which fossil fuels should be financed by aid and other development finance in poorer countries. This hypocrisy caught Ritchie's attention. A cruel irony would be if the countries that are least responsible for this problem cannot access energy infrastructure says, Ritchie. Various countries, including developing nations, and financial institutions have pledged to end their support for international fossil fuel projects. Even so, these same countries will also be able to develop fossil fuels in their own country. Currently, 24 fossil fuel projects are pending in the US with potential greenhouse gas emissions of up to 1.6 gigatons, while new oil and gas fields are being licensed in the North Sea. Also read | 'Consider carpooling': French car ads to contain messages fostering less-polluting alternatives Using the World Bank's annual data, CGD calculated the point where a British or US citizen's energy consumption exceeded that of someone in a low- or middle-income country. Vijaya Ramachandran, a Berkeley, California, energy expert leading the head of the Breakthrough Institute's energy and development program argues that blanket bans on fossil fuel projects in developing nations will exacerbate poverty while doing little to curb carbon emissions worldwide. The rich countries easily impose fossil fuel funding bans on poor countries while increasing their own consumption of fossil fuels at the same time, she noted. This is blatant hypocrisy and is detrimental for developing countries as they require a wide range of energy to sustain their development, she added. Also read | Gravitas: Can nuclear power solve climate change? According to her, the notion that African countries only need solar energy is completely hypocritical and colonial. Renewable energy is intermittent and therefore needs to be backed up by other sources of power. The research from the CGD should be used to inform the debate over responsibility for the climate crisis, according to Rose M Mutiso, the director of the Energy for Growth Hub. Mutiso, who is Kenyan, said solving the climate crisis in the medium term is up to the high emitting countries, not only because they caused the problem but logically because they are the ones with the highest emissions.

Energy inequality plagues the world; US causes 585 times more climate emissions than Congo: Report

Nearly two years ago, the world’s oil producers slammed on the brakes and drastically cut production as the pandemic gripped the world’s economies. The sharp pullback came with an implicit promise that as factories reopened and planes returned to the air, the oil industry would revive, too, gradually scaling up production to help economies return to pre-pandemic health.

It is not exactly turning out that way. Oil producers are finding it harder than expected to ramp up output. Members of the cartel OPEC Plus, which agreed to cut output by about 10 million barrels a day in early 2020, are routinely falling well short of their rising monthly production targets.

“In a lot of places, once output has been reduced, it is not easy to bring it back,” said Richard Bronze, head of geopolitics at Energy Aspects, a London-based research firm.

Production in the United States, the world’s largest oil producer, has also been slow to recover from its 1-million-barrel-a-day plummet in 2020, as companies and investors are wary of committing money amid climate change concerns and volatile prices. The Energy Information Administration forecasts that U.S. crude output in 2022, while rising, is likely to average 500,000 barrels a day below 2019 levels.

This global pattern of lagging production has helped push oil prices to seven-year highs, stoking inflation, which has become a political issue in the United States and elsewhere. Brent crude, the international standard, is close to $84 a barrel, while West Texas Intermediate, the U.S. benchmark, is selling for close to $82.

A prolonged period when more oil has been consumed than pumped has drained tank farms to low levels. Investment in new drilling for new oil has also fallen to multiyear lows, though it is expected to pick up this year. At the same time, demand is expected to grow strongly, reaching pre-pandemic levels this year.

“The oil market appears to be heading for a period with little margin of safety,” Martijn Rats, an analyst at Morgan Stanley, the investment bank, wrote in a recent note to clients.

The gap between the target announced by OPEC Plus, which makes up nearly half the world’s oil output, and actual output seems to be growing. The International Energy Agency, a Paris-based forecasting group, pegged the shortfall of the 19 OPEC Plus countries covered by quotas at 650,000 barrels a day for November. Energy Aspects forecasts that the deficit will reach just over 1 million barrels a day this month, or 1% of world supplies, and will probably increase later in the year.

That deficit could be problematic because policymakers and some analysts may be overestimating how much more oil the group can add.

“OPEC Plus has been viewed as the main place that additional supply is going to come from,” Bronze said.

Of course, higher prices are likely to encourage a substantial increase of shale oil production in the United States. The tight market also gives Washington an incentive to lift sanctions on sales of Iranian oil by reaching a deal on Iran’s nuclear program.

Forecasters are split on the oil outlook, with the International Energy Agency saying in its most recent monthly report in December that “much-needed relief for tight markets is on the way.” The Energy Information Administration has forecast that oil prices will fall later this year.

Still, undershooting by countries like Nigeria and Angola has become the norm as their oil industries struggle. A variety of factors are causing production in some countries to fall short, including political turmoil, outmoded regulatory regimes and pressures on international oil companies to rethink their investments so as to bolster profits and reduce carbon emissions. That shift could leave developing countries that depend on oil income out in the cold.

“There are many basins that are simply of no interest anymore,” said Gerald Kepes, president of Competitive Energy Strategies, a consulting firm, referring to petroleum-bearing regions. In the eyes of international oil companies, even a country like Nigeria, Africa’s largest producer, “doesn’t make the cut,” he added.

Oil industry giants for decades courted Nigeria, investing billions of dollars, but production has been slipping. In November, the country was supposed to pump about 1.6 million barrels a day but missed that target by more than 300,000 barrels a day, according to the International Energy Agency.

A welter of problems lie behind the shortfall. Nigeria’s industry is plagued by damage to infrastructure caused by oil thieves and others, problems that have worsened in recent months, according to the industry.

International companies including Shell, which has long been a major investor in Nigeria, are gradually reducing their presence in swampy areas where their installations are vulnerable. They are being replaced by smaller companies with less capital to spend, analysts say.

Without investment in drilling and technology, even the best-endowed oil states will see their output dwindle. A case in point is troubled Venezuela, where, amid neglect of the industry, production has shrunk to relatively minuscule levels of less than 1 million barrels a day — less than one-tenth of Saudi Arabia’s output — despite claims to have the world’s largest reserves, about 300 billion barrels.

Kuwait, a wealthy Persian Gulf oil state, has seen its capacity to produce decline about 18% over three years. Kamel al-Harami, a Kuwaiti analyst, said that the domestic industry “does not have the experience and the expertise to deal with old and aged oil fields” but that public opinion is resistant to bringing in international companies.

Even Russia, which is roughly tied with Saudi Arabia as the leading producer in OPEC Plus, is close to the short-term limit of what it can produce, analysts say. Saudi Arabia, on the other hand, produces about 10% of the oil on the world’s market and could produce more.

“Most OPEC producers are becoming capacity-constrained,” said Bill Farren-Price, director of intelligence at Enverus, an energy market research firm. “But Saudi Arabia is a different story. Its appetite for active oil market management is undiminished,” he added.

Each month since the pandemic hit, OPEC Plus members have met to set output quotas. Following a schedule agreed to in July, the group plans to raise the overall output by 400,000 barrels a day each month, even though they are missing the targets.

Stung by gasoline prices that have risen about 40% in the last year, the White House has leaned on the Saudis and their allies to go faster in opening up the throttle, but OPEC officials have so far been unwilling to lower the quotas of those who are not able to hit targets and reassign them to other countries.

“We have to keep what they are allotted,” Prince Abdulaziz bin Salman, the Saudi oil minister, told journalists late last year. The alternative, he added, would be a monthly debate over “who gets what.”

Analysts say Saudi officials do not want to unilaterally increase output and risk busting up the arrangement with other producers that gives them so much control. In addition, the lagging countries serve as a stealthy way to trim the cartel’s output, helping the Saudis enjoy high prices while increasing their own production.

And time may not be on the side of the Biden administration and others urging more oil on the markets. As producers reach the limits of what they can make in the coming months, “it is going to be less and less impactful to demand that OPEC add more,” Bronze said.

Nearly two years ago, the world’s oil producers slammed on the brakes and drastically cut production as the pandemic gripped the world’s economies. The sharp pullback came with an implicit promise that as factories reopened and planes returned to the air, the oil industry would revive, too, gradually scaling up production to help economies return to pre-pandemic health.

Nearly two years ago, the world’s oil producers slammed on the brakes and drastically cut production as the pandemic gripped the world’s economies. The sharp pullback came with an implicit promise that as factories reopened and planes returned to the air, the oil industry would revive, too, gradually scaling up production to help economies return to pre-pandemic health. It is not exactly turning out that way. Oil producers are finding it harder than expected to ramp up output. Members of the cartel OPEC Plus, which agreed to cut output by about 10 million barrels a day in early 2020, are routinely falling well short of their rising monthly production targets. “In a lot of places, once output has been reduced, it is not easy to bring it back,” said Richard Bronze, head of geopolitics at Energy Aspects, a London-based research firm. Production in the United States, the world’s largest oil producer, has also been slow to recover from its 1-million-barrel-a-day plummet in 2020, as companies and investors are wary of committing money amid climate change concerns and volatile prices. The Energy Information Administration forecasts that U.S. crude output in 2022, while rising, is likely to average 500,000 barrels a day below 2019 levels. This global pattern of lagging production has helped push oil prices to seven-year highs, stoking inflation, which has become a political issue in the United States and elsewhere. Brent crude, the international standard, is close to $84 a barrel, while West Texas Intermediate, the U.S. benchmark, is selling for close to $82. A prolonged period when more oil has been consumed than pumped has drained tank farms to low levels. Investment in new drilling for new oil has also fallen to multiyear lows, though it is expected to pick up this year. At the same time, demand is expected to grow strongly, reaching pre-pandemic levels this year. “The oil market appears to be heading for a period with little margin of safety,” Martijn Rats, an analyst at Morgan Stanley, the investment bank, wrote in a recent note to clients. The gap between the target announced by OPEC Plus, which makes up nearly half the world’s oil output, and actual output seems to be growing. The International Energy Agency, a Paris-based forecasting group, pegged the shortfall of the 19 OPEC Plus countries covered by quotas at 650,000 barrels a day for November. Energy Aspects forecasts that the deficit will reach just over 1 million barrels a day this month, or 1% of world supplies, and will probably increase later in the year. That deficit could be problematic because policymakers and some analysts may be overestimating how much more oil the group can add. “OPEC Plus has been viewed as the main place that additional supply is going to come from,” Bronze said. Of course, higher prices are likely to encourage a substantial increase of shale oil production in the United States. The tight market also gives Washington an incentive to lift sanctions on sales of Iranian oil by reaching a deal on Iran’s nuclear program. Forecasters are split on the oil outlook, with the International Energy Agency saying in its most recent monthly report in December that “much-needed relief for tight markets is on the way.” The Energy Information Administration has forecast that oil prices will fall later this year. Still, undershooting by countries like Nigeria and Angola has become the norm as their oil industries struggle. A variety of factors are causing production in some countries to fall short, including political turmoil, outmoded regulatory regimes and pressures on international oil companies to rethink their investments so as to bolster profits and reduce carbon emissions. That shift could leave developing countries that depend on oil income out in the cold. “There are many basins that are simply of no interest anymore,” said Gerald Kepes, president of Competitive Energy Strategies, a consulting firm, referring to petroleum-bearing regions. In the eyes of international oil companies, even a country like Nigeria, Africa’s largest producer, “doesn’t make the cut,” he added. Oil industry giants for decades courted Nigeria, investing billions of dollars, but production has been slipping. In November, the country was supposed to pump about 1.6 million barrels a day but missed that target by more than 300,000 barrels a day, according to the International Energy Agency. A welter of problems lie behind the shortfall. Nigeria’s industry is plagued by damage to infrastructure caused by oil thieves and others, problems that have worsened in recent months, according to the industry. International companies including Shell, which has long been a major investor in Nigeria, are gradually reducing their presence in swampy areas where their installations are vulnerable. They are being replaced by smaller companies with less capital to spend, analysts say. Without investment in drilling and technology, even the best-endowed oil states will see their output dwindle. A case in point is troubled Venezuela, where, amid neglect of the industry, production has shrunk to relatively minuscule levels of less than 1 million barrels a day — less than one-tenth of Saudi Arabia’s output — despite claims to have the world’s largest reserves, about 300 billion barrels. Kuwait, a wealthy Persian Gulf oil state, has seen its capacity to produce decline about 18% over three years. Kamel al-Harami, a Kuwaiti analyst, said that the domestic industry “does not have the experience and the expertise to deal with old and aged oil fields” but that public opinion is resistant to bringing in international companies. Even Russia, which is roughly tied with Saudi Arabia as the leading producer in OPEC Plus, is close to the short-term limit of what it can produce, analysts say. Saudi Arabia, on the other hand, produces about 10% of the oil on the world’s market and could produce more. “Most OPEC producers are becoming capacity-constrained,” said Bill Farren-Price, director of intelligence at Enverus, an energy market research firm. “But Saudi Arabia is a different story. Its appetite for active oil market management is undiminished,” he added. Each month since the pandemic hit, OPEC Plus members have met to set output quotas. Following a schedule agreed to in July, the group plans to raise the overall output by 400,000 barrels a day each month, even though they are missing the targets. Stung by gasoline prices that have risen about 40% in the last year, the White House has leaned on the Saudis and their allies to go faster in opening up the throttle, but OPEC officials have so far been unwilling to lower the quotas of those who are not able to hit targets and reassign them to other countries. “We have to keep what they are allotted,” Prince Abdulaziz bin Salman, the Saudi oil minister, told journalists late last year. The alternative, he added, would be a monthly debate over “who gets what.” Analysts say Saudi officials do not want to unilaterally increase output and risk busting up the arrangement with other producers that gives them so much control. In addition, the lagging countries serve as a stealthy way to trim the cartel’s output, helping the Saudis enjoy high prices while increasing their own production. And time may not be on the side of the Biden administration and others urging more oil on the markets. As producers reach the limits of what they can make in the coming months, “it is going to be less and less impactful to demand that OPEC add more,” Bronze said.

Oil producers aren’t keeping up with demand, causing prices to stay high

Russian President Vladimir Putin and Chinese leader Xi Jinping held a video call on Wednesday to discuss bilateral relations and international affairs, a summit that comes amid heightened tensions over Ukraine.

Russia and China hold virtual talks; energy, trade and investment on agenda

After nearly 200 leaders pledged to ramp up efforts against climate change and announced their plan to transition to green fuel, energy ministers of the developing world's oil-producing nations call for greater inclusivity and continued investment in hydrocarbons for energy security.

Energy ministers call for investment in hydrocarbons

Diesel vehicle drivers are having difficulties buying urea in South Korea, an additive used in diesel vehicles to reduce emissions, after China tightened exports for its domestic market.

South Korea is flying a military oil tanker to Australia this week to airlift 27,000 litres of urea solution. Approximately two million diesel vehicles, mostly cargo trucks, are required by government to use the additive, according to industry experts.

President Moon Jae-in tried to calm public fear on Tuesday, saying at a cabinet meeting there was no need for "excessive concern" and help was on the way. The government has released urea stockpile from the public sector to areas in urgent need and said there will be a temporary release from military stockpiles.

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Nearly 97% of South Korea's urea imports came from China between January and September, according to the trade ministry. The shortage is threatening to halt delivery trucks carrying gasoline and other fuels to local gas stations, an official from one of South Korea's major refiners said.

But the shortage could have an even greater impact on South Korea's industrial sector, which is also mandated to use urea to cut pollution or stop production.

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Of the 835,000 tonnes of urea imported in 2020, 34.7% was for industrial use, 9.8% for cars and the rest used to make fertilisers in agriculture, environment ministry said.

South Korea secured 200 tonnes of mass urea from Vietnam this week and is in consultation with other nations for up to 10,000 tonnes, enough to make about 30,000 tonnes of the diesel exhaust fluid. The Defence Ministry on Tuesday said the first batch of supply from Australia had been secured.

Diesel vehicle drivers are having difficulties buying urea in South Korea, an additive used in diesel vehicles to reduce emissions, after China tightened exports for its domestic market.

Diesel vehicle drivers are having difficulties buying urea in South Korea, an additive used in diesel vehicles to reduce emissions, after China tightened exports for its domestic market. South Korea is flying a military oil tanker to Australia this week to airlift 27,000 litres of urea solution. Approximately two million diesel vehicles, mostly cargo trucks, are required by government to use the additive, according to industry experts. President Moon Jae-in tried to calm public fear on Tuesday, saying at a cabinet meeting there was no need for "excessive concern" and help was on the way. The government has released urea stockpile from the public sector to areas in urgent need and said there will be a temporary release from military stockpiles. Also read | Watch | SpaceX capsule with four ISS astronauts splashes down off Florida Nearly 97% of South Korea's urea imports came from China between January and September, according to the trade ministry. The shortage is threatening to halt delivery trucks carrying gasoline and other fuels to local gas stations, an official from one of South Korea's major refiners said. But the shortage could have an even greater impact on South Korea's industrial sector, which is also mandated to use urea to cut pollution or stop production. Also read | Robinhood app hit by data breach; Emails of 5 million customers compromised Of the 835,000 tonnes of urea imported in 2020, 34.7% was for industrial use, 9.8% for cars and the rest used to make fertilisers in agriculture, environment ministry said. South Korea secured 200 tonnes of mass urea from Vietnam this week and is in consultation with other nations for up to 10,000 tonnes, enough to make about 30,000 tonnes of the diesel exhaust fluid. The Defence Ministry on Tuesday said the first batch of supply from Australia had been secured.

Urea shortage poses threat to South Korea's transport and energy industries

Factory activity in China plunged more than expected in October, official data showed Sunday, suggesting the industrial sector continued struggling as it grappled with tight power supply and surging raw material costs.

The key Purchasing Managers' Index (PMI) -- a gauge of manufacturing activity in the world's second-largest economy -- fell to 49.2 this month, down from 49.6 in September, said the National Bureau of Statistics (NBS).

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/fertiliser-shipment-row-chinese-embassy-blacklists-peoples-bank-of-sri-lanka-424943">Fertiliser shipment row: Chinese embassy blacklists People’s Bank of Sri Lanka</a>

This marks the second straight month in which China's PMI dipped below the 50-point mark separating growth from contraction.

A Bloomberg poll of economists had pegged the reading at 49.7, which would have been a slight improvement.

Although the country's PMI contracted when the spread of COVID-19 -- which first surfaced in the central city of Wuhan -- forced most business activity to a halt, life has largely returned to normal as strict measures brought the outbreak under control.

But the NBS said Sunday: "In October, due to factors such as still-tight power supply and the high costs of some raw materials, the manufacturing PMI fell."

Both the production and new-order indexes were in contraction, pointing to weakening supply and demand, senior statistician Zhao Qinghe said in a statement.

Meanwhile, the price index continued rising, reflecting higher purchase prices of raw materials such as petroleum and coal, and that of sales costs.

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The production index has fallen to among its lowest levels since 2005, said Pinpoint Asset Management chief economist Zhiwei Zhang -- warning of stagflation.

"A worrying sign is the passthrough of inflation from input prices," he said, adding this could pile pressure on consumer inflation.

Tommy Xie of OCBC Bank told AFP that smaller companies appear to be "paying the price for the power shortages", suggesting the need for more policy support.

Non-manufacturing activity fell in October also, official data showed, as authorities noted "the recovery of the service industry has slowed".

China's non-manufacturing PMI came in at 52.4, down from 53.2 in September.

While the reading still indicates expansion, helped by holiday activity in early October, the NBS said the threat of local outbreaks continued to cast a pall over consumer sentiment.

"The real situation could be worse," said Nomura chief China economist Lu Ting, noting that surveys may not reflect the impact of escalating anti-virus measures in late October.

"We expect another round of cuts of growth forecasts," Lu added.

Factory activity in China plunged more than expected in October, official data showed Sunday, suggesting the industrial sector continued struggling as it grappled with tight power supply and surging raw material costs.

Factory activity in China plunged more than expected in October, official data showed Sunday, suggesting the industrial sector continued struggling as it grappled with tight power supply and surging raw material costs. The key Purchasing Managers' Index (PMI) -- a gauge of manufacturing activity in the world's second-largest economy -- fell to 49.2 this month, down from 49.6 in September, said the National Bureau of Statistics (NBS). Also Read | Fertiliser shipment row: Chinese embassy blacklists People’s Bank of Sri Lanka This marks the second straight month in which China's PMI dipped below the 50-point mark separating growth from contraction. A Bloomberg poll of economists had pegged the reading at 49.7, which would have been a slight improvement. Although the country's PMI contracted when the spread of COVID-19 -- which first surfaced in the central city of Wuhan -- forced most business activity to a halt, life has largely returned to normal as strict measures brought the outbreak under control. But the NBS said Sunday: "In October, due to factors such as still-tight power supply and the high costs of some raw materials, the manufacturing PMI fell." Both the production and new-order indexes were in contraction, pointing to weakening supply and demand, senior statistician Zhao Qinghe said in a statement. Meanwhile, the price index continued rising, reflecting higher purchase prices of raw materials such as petroleum and coal, and that of sales costs. Also Read | Due to fuel shortages, China rations diesel The production index has fallen to among its lowest levels since 2005, said Pinpoint Asset Management chief economist Zhiwei Zhang -- warning of stagflation. "A worrying sign is the passthrough of inflation from input prices," he said, adding this could pile pressure on consumer inflation. Tommy Xie of OCBC Bank told AFP that smaller companies appear to be "paying the price for the power shortages", suggesting the need for more policy support. Non-manufacturing activity fell in October also, official data showed, as authorities noted "the recovery of the service industry has slowed". China's non-manufacturing PMI came in at 52.4, down from 53.2 in September. While the reading still indicates expansion, helped by holiday activity in early October, the NBS said the threat of local outbreaks continued to cast a pall over consumer sentiment. "The real situation could be worse," said Nomura chief China economist Lu Ting, noting that surveys may not reflect the impact of escalating anti-virus measures in late October. "We expect another round of cuts of growth forecasts," Lu added.

China factory activity slumps further on energy woes

Prime Minister Narendra Modi and his Italian counterpart Mario Draghi on Saturday expressed their resolve to strengthen cooperation in the strategic sectors, including the cross-cutting issue of accelerating the clean energy transition to fight climate change, central to both the G20 Leaders&nbsp;Summit in Rome and the COP26 in Glasgow.

At a bilateral meeting on the sidelines of the G20 Leaders&nbsp;Summit at Rome, hosted by Italy in Rome on October 30-31, 2021, Modi and Draghi acknowledged the significant progress in bilateral relations since the adoption of the Action Plan for an enhanced Partnership between India and Italy on November 6, 2020.

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They also recalled the India-EU Leaders&nbsp;Meeting held in Porto on May 8, 2021, where the European Union and India highlighted the urgency of addressing the interdependent challenges of climate change, biodiversity loss and pollution and agreed to deepen cooperation for accelerating the deployment of renewable energy, including deployment of innovative renewable technologies such as offshore wind energy and exploiting the potential of green hydrogen, promoting energy efficiency, developing smart grids and storage technologies, modernising the electricity market.

In addition, both sides agreed on the utmost importance of cost-effective integration of a growing amount of renewable energy into their respective power systems, as a key asset for an effective clean transition that generates jobs, GDP growth, reinforces universal energy access while eradicating energy poverty, a release from the Prime Minister's Office said in New Delhi.

In this perspective, the two Prime Ministers appreciated India's resolve to deploy 450 GW of renewable energy by 2030 as well as Italy's prompt ratification and active support to the International Solar Alliance. They agreed to launch a bilateral strategic partnership in the domain of energy transition, the statement said.

Such a partnership could build on existing bilateral mechanisms, including by giving new impetus to the cooperation on renewable energy and sustainable development between the Italian Ministry of Ecological Transition and its Indian counterparts, namely the Ministry of New and Renewable Energy, the Ministry of Power and the Ministry of Petroleum and Natural Gas.

The joint Statement read as follows: In order to promote their partnership in energy transition, Italy and India will

*Task the "Joint Working Group" established by the Memorandum of Understanding on Cooperation in the field of Energy, signed in Delhi on October 30, 2017, to explore cooperation in areas such as: Smart Cities; mobility; smart-grids, electricity distribution and storage solutions; gas transportation and promoting natural gas as a bridge fuel; integrated waste management ("waste-to-wealth"); and green energies (green hydrogen; CNG &amp; LNG; bio-methane; bio-refinery; second-generation bio-ethanol; castor oil; bio-oil-waste to fuel), the statement said.

*Initiate a dialogue to support the development and deployment of green hydrogen and related technologies in India.

*Consider working together to support a large size green corridor project in India to capitalise on India`s target to produce and integrate 450 GW of renewable energy by 2030.

Prime Minister Narendra Modi and his Italian counterpart Mario Draghi on Saturday expressed their resolve to strengthen cooperation in the strategic sectors, including the cross-cutting issue of accelerating the clean energy transition to fight climate change, central to both the G20 Leaders Summit in Rome and the COP26 in Glasgow.

Prime Minister Narendra Modi and his Italian counterpart Mario Draghi on Saturday expressed their resolve to strengthen cooperation in the strategic sectors, including the cross-cutting issue of accelerating the clean energy transition to fight climate change, central to both the G20 Leaders Summit in Rome and the COP26 in Glasgow. At a bilateral meeting on the sidelines of the G20 Leaders Summit at Rome, hosted by Italy in Rome on October 30-31, 2021, Modi and Draghi acknowledged the significant progress in bilateral relations since the adoption of the Action Plan for an enhanced Partnership between India and Italy on November 6, 2020. Also Read | Exclusive: India’s G20 sherpa Piyush Goyal speaks to WION on country's agenda at summit They also recalled the India-EU Leaders Meeting held in Porto on May 8, 2021, where the European Union and India highlighted the urgency of addressing the interdependent challenges of climate change, biodiversity loss and pollution and agreed to deepen cooperation for accelerating the deployment of renewable energy, including deployment of innovative renewable technologies such as offshore wind energy and exploiting the potential of green hydrogen, promoting energy efficiency, developing smart grids and storage technologies, modernising the electricity market. In addition, both sides agreed on the utmost importance of cost-effective integration of a growing amount of renewable energy into their respective power systems, as a key asset for an effective clean transition that generates jobs, GDP growth, reinforces universal energy access while eradicating energy poverty, a release from the Prime Minister's Office said in New Delhi. In this perspective, the two Prime Ministers appreciated India's resolve to deploy 450 GW of renewable energy by 2030 as well as Italy's prompt ratification and active support to the International Solar Alliance. They agreed to launch a bilateral strategic partnership in the domain of energy transition, the statement said. Such a partnership could build on existing bilateral mechanisms, including by giving new impetus to the cooperation on renewable energy and sustainable development between the Italian Ministry of Ecological Transition and its Indian counterparts, namely the Ministry of New and Renewable Energy, the Ministry of Power and the Ministry of Petroleum and Natural Gas. The joint Statement read as follows: In order to promote their partnership in energy transition, Italy and India will *Task the "Joint Working Group" established by the Memorandum of Understanding on Cooperation in the field of Energy, signed in Delhi on October 30, 2017, to explore cooperation in areas such as: Smart Cities; mobility; smart-grids, electricity distribution and storage solutions; gas transportation and promoting natural gas as a bridge fuel; integrated waste management ("waste-to-wealth"); and green energies (green hydrogen; CNG & LNG; bio-methane; bio-refinery; second-generation bio-ethanol; castor oil; bio-oil-waste to fuel), the statement said. *Initiate a dialogue to support the development and deployment of green hydrogen and related technologies in India. *Consider working together to support a large size green corridor project in India to capitalise on India`s target to produce and integrate 450 GW of renewable energy by 2030.

India, Italy join hands on strategic partnership in Energy Transition

US&nbsp;President Joe Biden on Saturday will urge major G20 energy producers with spare capacity to boost production to ensure a stronger global economic recovery, a senior administration official said ahead of a summit bringing together leaders of the world's largest economies.

Biden and other Group of 20 leaders are slated to discuss efforts to end the COVID-19 pandemic and agree on a new task force to improve coordination and planning to prevent the next one. They also expect to endorse an agreement backed by more than 130 countries to establish a new global minimum tax.

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But members are divided on other issues. With oil and gas prices surging, some energy-producing countries such as Russia and Saudi Arabia have not boosted output enough to satisfy countries that are largely consumers of energy and worry about energy shortages and inflation.

Biden's top advisers have voiced concerns about energy suppliers not boosting production enough to meet surging demand.

Rocketing natural gas prices, with the European benchmark up almost 600 per cent&nbsp;this year, have been fuelled by low inventories and surging demand as economies recover from the COVID-19 crisis.

Biden's national security adviser Jake Sullivan raised similar issues&nbsp;during a visit to Brussels this month, singling out Russia for its "history of using energy as a tool of coercion, as a political weapon."

Russia, a major natural gas supplier to Europe, and its energy giant Gazprom are being urged to do more to ease prices in the spot market.

Watch |&nbsp;US prez Joe Biden meets French counterpart Emmanuel Macron ahead of G20 summit

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-prez-joe-biden-meets-french-counterpart-emmanuel-macron-ahead-of-g20-summit-425152/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"It's a delicate time in the global economy, and what's important is that global energy supplies keep up with global energy demand," the senior administration official said.

"There are major energy producers that have spare capacity, and we're encouraging them to use to ensure a stronger, more sustainable recovery across the world," the official said, without naming any specific countries.

The official said G20 leaders would not specifically target the Organization of the Petroleum Exporting Countries (OPEC), which includes Saudi Arabia, or set any targets for energy production. 
Russian President Vladimir Putin will not attend the summit in person, but is expected to participate virtually.

Comments from Russian Deputy Prime Minister Alexander Novak earlier this month sparked fresh tensions over the Nord Stream 2 undersea gas pipeline, which Washington has long opposed and which is now awaiting clearance from a German regulator.

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Novak said clearing the pipeline could help ease shortfalls, sparking concerns that Russia has failed to boost its production of gas - now delivered via land-based pipelines - precisely to put pressure on Europe to approve Nord Stream 2.

During their talks on the economy, G20 leaders will also back an agreement reached by more than 130 countries on a global minimum corporate tax of 15 per cent&nbsp;that will reshape the world economy and could result in some $60 billion in additional tax revenues per year for the United States alone, the official said.

"The deal is a testament to American diplomacy and leadership," the official said, noting that Biden and Treasury Secretary Janet Yellen had worked hard to secure the agreement.

US President Joe Biden on Saturday will urge major G20 energy producers with spare capacity to boost production to ensure a stronger global economic recovery, a senior administration official said ahead of a summit bringing together leaders of the world's largest economies.

US President Joe Biden on Saturday will urge major G20 energy producers with spare capacity to boost production to ensure a stronger global economic recovery, a senior administration official said ahead of a summit bringing together leaders of the world's largest economies. Biden and other Group of 20 leaders are slated to discuss efforts to end the COVID-19 pandemic and agree on a new task force to improve coordination and planning to prevent the next one. They also expect to endorse an agreement backed by more than 130 countries to establish a new global minimum tax. Also Read | G20 youth show their support for bold climate action: UN poll But members are divided on other issues. With oil and gas prices surging, some energy-producing countries such as Russia and Saudi Arabia have not boosted output enough to satisfy countries that are largely consumers of energy and worry about energy shortages and inflation. Biden's top advisers have voiced concerns about energy suppliers not boosting production enough to meet surging demand. Rocketing natural gas prices, with the European benchmark up almost 600 per cent this year, have been fuelled by low inventories and surging demand as economies recover from the COVID-19 crisis. Biden's national security adviser Jake Sullivan raised similar issues during a visit to Brussels this month, singling out Russia for its "history of using energy as a tool of coercion, as a political weapon." Russia, a major natural gas supplier to Europe, and its energy giant Gazprom are being urged to do more to ease prices in the spot market. Watch | US prez Joe Biden meets French counterpart Emmanuel Macron ahead of G20 summit "It's a delicate time in the global economy, and what's important is that global energy supplies keep up with global energy demand," the senior administration official said. "There are major energy producers that have spare capacity, and we're encouraging them to use to ensure a stronger, more sustainable recovery across the world," the official said, without naming any specific countries. The official said G20 leaders would not specifically target the Organization of the Petroleum Exporting Countries (OPEC), which includes Saudi Arabia, or set any targets for energy production. Russian President Vladimir Putin will not attend the summit in person, but is expected to participate virtually. Comments from Russian Deputy Prime Minister Alexander Novak earlier this month sparked fresh tensions over the Nord Stream 2 undersea gas pipeline, which Washington has long opposed and which is now awaiting clearance from a German regulator. Also Read | G20 split over coal, 1.5 degree climate limit ahead of Rome summit: Report Novak said clearing the pipeline could help ease shortfalls, sparking concerns that Russia has failed to boost its production of gas - now delivered via land-based pipelines - precisely to put pressure on Europe to approve Nord Stream 2. During their talks on the economy, G20 leaders will also back an agreement reached by more than 130 countries on a global minimum corporate tax of 15 per cent that will reshape the world economy and could result in some $60 billion in additional tax revenues per year for the United States alone, the official said. "The deal is a testament to American diplomacy and leadership," the official said, noting that Biden and Treasury Secretary Janet Yellen had worked hard to secure the agreement.

Biden to push G20 energy producers to boost capacity, ease price pressures

China has set an ambitious goal of reducing fossil fuel use to under 20 per cent by 2060, reveals an official plan published by state media on Sunday.

The cabinet document talks about&nbsp;a pledge by President Xi Jinping to wean the world's biggest polluter off coal, with a target of peaking carbon emissions by 2030 and achieving carbon neutrality 30 years later.

The authorities have also been looking to ramp up production as coal prices surge and supplies run low.

Guidelines published by China's official Xinhua news agency on Sunday laid out a host of targets in its path towards carbon neutrality.

These guidelines included the proportion of non-fossil fuel consumption reaching around 25 per cent of total energy use by 2030. By then, carbon dioxide emissions per unit of GDP would have dropped by more than 65 per cent from 2005 levels.

The guidelines also highlighted an earlier aim for carbon emissions per unit of GDP to fall 18 per cent in 2025, from 2020 standards.

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Authorities have called for a shift in industrial structures, saying that they would "resolutely curb the blind development" of projects with high energy consumption and emissions.

The authorities also stressed the need for effective responses against economic and social risks that could come up with a low-carbon transition, and to "prevent overreaction and ensure safe carbon reduction".

The guidelines come as countries are gearing up for the Cop26 summit in Glasgow.

Meanwhile, the UK president-designate of the Cop26 talks, Alok Sharma, has said that achieving a global climate deal in Glasgow in the next three weeks will be harder than signing the Paris agreement of 2015.&nbsp;

He further said that the task would be to get nearly 200 countries to implement stringent cuts to their greenhouse gas emissions, keeping in mind the increase in global temperature to within 1.5C of pre-industrial levels.

China has set an ambitious goal of reducing fossil fuel use to under 20 per cent by 2060, reveals an official plan published by state media on Sunday. The cabinet document talks about a pledge by President Xi Jinping to wean the world's biggest polluter off coal, with a target of peaking carbon emissions by 2030 and achieving carbon neutrality 30 years later.

China has set an ambitious goal of reducing fossil fuel use to under 20 per cent by 2060, reveals an official plan published by state media on Sunday. The cabinet document talks about a pledge by President Xi Jinping to wean the world's biggest polluter off coal, with a target of peaking carbon emissions by 2030 and achieving carbon neutrality 30 years later. The authorities have also been looking to ramp up production as coal prices surge and supplies run low. Guidelines published by China's official Xinhua news agency on Sunday laid out a host of targets in its path towards carbon neutrality. These guidelines included the proportion of non-fossil fuel consumption reaching around 25 per cent of total energy use by 2030. By then, carbon dioxide emissions per unit of GDP would have dropped by more than 65 per cent from 2005 levels. The guidelines also highlighted an earlier aim for carbon emissions per unit of GDP to fall 18 per cent in 2025, from 2020 standards. Also read | Saudi Arabia aims of net zero greenhouse gas emissions by 2060 Authorities have called for a shift in industrial structures, saying that they would "resolutely curb the blind development" of projects with high energy consumption and emissions. The authorities also stressed the need for effective responses against economic and social risks that could come up with a low-carbon transition, and to "prevent overreaction and ensure safe carbon reduction". The guidelines come as countries are gearing up for the Cop26 summit in Glasgow. Meanwhile, the UK president-designate of the Cop26 talks, Alok Sharma, has said that achieving a global climate deal in Glasgow in the next three weeks will be harder than signing the Paris agreement of 2015. He further said that the task would be to get nearly 200 countries to implement stringent cuts to their greenhouse gas emissions, keeping in mind the increase in global temperature to within 1.5C of pre-industrial levels.

China aims to cut fossil energy use to below 20 per cent by 2060

In the world we are living in today, energy is required for almost everything. From powering your car to keeping the lights on in your home, energy is needed not only for daily needs but also for producing everything that humans consume.

Mission Sustainability: Energy is needed for both production and consumption

Steel mills have faced power cuts. Computer chip shortages have slowed car production. Troubled property companies have purchased less construction material. Floods have disrupted business in north-central China.

It has all taken a toll on China’s economy, an essential engine for global growth.

The National Bureau of Statistics announced Monday that China’s economy increased by 4.9% in the third quarter, compared to the same period last year; the period was markedly slower than the 7.9% increase the country notched in the previous quarter. Industrial output, the mainstay of China’s growth, since the early days of the pandemic.

Two bright spots prevented the economy from stalling. Exports remained strong. And families, particularly prosperous ones, resumed spending money on restaurant meals and other services in September, as China succeeded once again in quelling small outbreaks of the coronavirus. Retail sales were up 4.4% in September from a year ago.

Chinese officials are showing signs of concern, although they have refrained from unleashing a big economic stimulus. Their own efforts, though, are part of the current economic challenges.

“Though the government’s economic policies during the past months have some social benefits, they have also somewhat trimmed economic growth lately,” said George Yu, an economist at Renmin University in Beijing.

In recent months, the government has unleashed a raft of measures to address income inequality and tame businesses, in part with the goal of protecting the health of the economy. But those efforts, including penalizing tech companies and discouraging real estate speculation, have also weighed on growth in the current quarter.

The government had also imposed limits on energy use as a part of a broader response to climate change concerns. Now, the power shortages are hurting industry, and the country is rushing to burn more coal.

“The economy is sluggish,” said Yang Qingjun, the owner of a corner grocery store in an aging industrial neighborhood of shoe factories in Dongguan, near Hong Kong. Power cuts have prompted nearby factories to reduce operations and eliminate overtime pay. Local workers are living more frugally.

“Money is hard to earn,” Yang said.

<h2>Trying to Solve the Real Estate Question</h2>

Urbanization was once a great engine of growth for China. The country built spacious apartments in modern high-rises for hundreds of millions of people, with China producing as much steel and cement as the rest of the world output combined, if not more.

Now, real estate — in particular, the debt that developers and homebuyers amassed — is a major threat to growth. The country’s biggest developer, China Evergrande Group, faces a serious cash shortage that is already rippling through the economy.

Construction has ground to a halt at some of the company’s 800 projects as suppliers wait to be paid. Several smaller developers have had to scramble to meet bond payments.

This could create a vicious cycle for the housing market. The worry is that developers may dump large numbers of unsold apartments on the market, keeping homebuyers away as they watch to see how far prices may fall.

“Some developers have encountered certain difficulties, which may further affect the mood and confidence of buyers, causing everyone to postpone buying a house,” said Ning Zhang, a senior economist at UBS.

The fate of Evergrande has broader import for the long-term health of the economy.

Officials want to send a message that bond buyers and other investors should be more wary about lending money to debt-laden companies like Evergrande and that they should not assume that the government will always be there to bail them out. But the authorities also need to make sure that suppliers, builders, homebuyers and other groups are not badly burned financially.

These groups “will get made more whole than the bondholders, that’s for sure,” predicted David Yu, a finance professor at the Shanghai campus of New York University.

<h2>Addressing Difficulties in Heavy Industry</h2>

As electricity shortages have spread across eastern China in recent weeks, regulators have cut power to energy-intensive operations like chemical factories and steel mills to avoid leaving households in the dark. It has been a double whammy for industrial production, which has also been whacked by weakness in construction.

Industrial production in September was up only 3.1% from a year earlier, the lowest since March of last year, when the city of Wuhan was still under lockdown because of the pandemic.

“The power cuts are more concerning to some extent than the Evergrande crisis,” said Sara Hsu, a visiting fellow at Fudan University in Shanghai.

The Energy Bureau in Zhejiang province, a heavily industrialized region of coastal China, reduced power this autumn for eight energy-intensive industries that process raw materials into industrial materials like steel, cement and chemicals. Together, they consume nearly half the province’s electricity but account for only an eighth of its economic output.

Turning down the power to these industries risks creating shortages in industrial materials, which could ripple through supply chains.

Assembly plants in industries that use less electricity, like car manufacturing, have not faced the same demands for power cuts. But they face other challenges.

Ongoing coronavirus outbreaks in Southeast Asia have interrupted supplies of some auto parts. There is also a global shortfall of semiconductors, a critical component in cars.

Volkswagen, the market leader in China, said on Friday that its production and sales were falling in the country because of an ever worsening chip shortage and problems in Southeast Asia.

<h2>Finding Strength in Exports</h2>

For months, economists have made the same prediction: the fast growth of China’s exports cannot last.

The economists were wrong.

China’s exports kept surging through the third quarter and finished strong, up 28.1% in September compared with the same month last year. China posted its third-highest monthly trade surplus ever last month.

China has essentially maintained its strength in exports ever since its economy emerged from the pandemic in the spring of last year. As much of the world hunkered down at home, families splurged on consumer electronics, furniture, clothing and other goods that China manufactures in abundance.

The export boom, though, is creating another source of tension between the United States and China.

Katherine Tai, the U.S. trade representative, suggested in a speech two weeks ago that China’s export prowess was partly the result of subsidies and other unfair practices. “For too long, China’s lack of adherence to global trading norms has undercut the prosperity of Americans and others around the world,” she said.

But Chinese officials and experts contend that the country’s success is the result of a strong work ethic and consistent, large investments in manufacturing. They are quick to point out that by bringing the pandemic firmly under control within several weeks early last year, China was able to reopen its factories and offices quickly.

“We have very strong supply, but weak demand,” said Tu Xinquan, the executive dean of the China Institute for World Trade Organization Studies at the University of International Business and Technology in Beijing. “So companies have to export.”

Steel mills have faced power cuts. Computer chip shortages have slowed car production. Troubled property companies have purchased less construction material. Floods have disrupted business in north-central China.

Steel mills have faced power cuts. Computer chip shortages have slowed car production. Troubled property companies have purchased less construction material. Floods have disrupted business in north-central China. It has all taken a toll on China’s economy, an essential engine for global growth. The National Bureau of Statistics announced Monday that China’s economy increased by 4.9% in the third quarter, compared to the same period last year; the period was markedly slower than the 7.9% increase the country notched in the previous quarter. Industrial output, the mainstay of China’s growth, since the early days of the pandemic. Two bright spots prevented the economy from stalling. Exports remained strong. And families, particularly prosperous ones, resumed spending money on restaurant meals and other services in September, as China succeeded once again in quelling small outbreaks of the coronavirus. Retail sales were up 4.4% in September from a year ago. Chinese officials are showing signs of concern, although they have refrained from unleashing a big economic stimulus. Their own efforts, though, are part of the current economic challenges. “Though the government’s economic policies during the past months have some social benefits, they have also somewhat trimmed economic growth lately,” said George Yu, an economist at Renmin University in Beijing. In recent months, the government has unleashed a raft of measures to address income inequality and tame businesses, in part with the goal of protecting the health of the economy. But those efforts, including penalizing tech companies and discouraging real estate speculation, have also weighed on growth in the current quarter. The government had also imposed limits on energy use as a part of a broader response to climate change concerns. Now, the power shortages are hurting industry, and the country is rushing to burn more coal. “The economy is sluggish,” said Yang Qingjun, the owner of a corner grocery store in an aging industrial neighborhood of shoe factories in Dongguan, near Hong Kong. Power cuts have prompted nearby factories to reduce operations and eliminate overtime pay. Local workers are living more frugally. “Money is hard to earn,” Yang said. Trying to Solve the Real Estate Question Urbanization was once a great engine of growth for China. The country built spacious apartments in modern high-rises for hundreds of millions of people, with China producing as much steel and cement as the rest of the world output combined, if not more. Now, real estate — in particular, the debt that developers and homebuyers amassed — is a major threat to growth. The country’s biggest developer, China Evergrande Group, faces a serious cash shortage that is already rippling through the economy. Construction has ground to a halt at some of the company’s 800 projects as suppliers wait to be paid. Several smaller developers have had to scramble to meet bond payments. This could create a vicious cycle for the housing market. The worry is that developers may dump large numbers of unsold apartments on the market, keeping homebuyers away as they watch to see how far prices may fall. “Some developers have encountered certain difficulties, which may further affect the mood and confidence of buyers, causing everyone to postpone buying a house,” said Ning Zhang, a senior economist at UBS. The fate of Evergrande has broader import for the long-term health of the economy. Officials want to send a message that bond buyers and other investors should be more wary about lending money to debt-laden companies like Evergrande and that they should not assume that the government will always be there to bail them out. But the authorities also need to make sure that suppliers, builders, homebuyers and other groups are not badly burned financially. These groups “will get made more whole than the bondholders, that’s for sure,” predicted David Yu, a finance professor at the Shanghai campus of New York University. Addressing Difficulties in Heavy Industry As electricity shortages have spread across eastern China in recent weeks, regulators have cut power to energy-intensive operations like chemical factories and steel mills to avoid leaving households in the dark. It has been a double whammy for industrial production, which has also been whacked by weakness in construction. Industrial production in September was up only 3.1% from a year earlier, the lowest since March of last year, when the city of Wuhan was still under lockdown because of the pandemic. “The power cuts are more concerning to some extent than the Evergrande crisis,” said Sara Hsu, a visiting fellow at Fudan University in Shanghai. The Energy Bureau in Zhejiang province, a heavily industrialized region of coastal China, reduced power this autumn for eight energy-intensive industries that process raw materials into industrial materials like steel, cement and chemicals. Together, they consume nearly half the province’s electricity but account for only an eighth of its economic output. Turning down the power to these industries risks creating shortages in industrial materials, which could ripple through supply chains. Assembly plants in industries that use less electricity, like car manufacturing, have not faced the same demands for power cuts. But they face other challenges. Ongoing coronavirus outbreaks in Southeast Asia have interrupted supplies of some auto parts. There is also a global shortfall of semiconductors, a critical component in cars. Volkswagen, the market leader in China, said on Friday that its production and sales were falling in the country because of an ever worsening chip shortage and problems in Southeast Asia. Finding Strength in Exports For months, economists have made the same prediction: the fast growth of China’s exports cannot last. The economists were wrong. China’s exports kept surging through the third quarter and finished strong, up 28.1% in September compared with the same month last year. China posted its third-highest monthly trade surplus ever last month. China has essentially maintained its strength in exports ever since its economy emerged from the pandemic in the spring of last year. As much of the world hunkered down at home, families splurged on consumer electronics, furniture, clothing and other goods that China manufactures in abundance. The export boom, though, is creating another source of tension between the United States and China. Katherine Tai, the U.S. trade representative, suggested in a speech two weeks ago that China’s export prowess was partly the result of subsidies and other unfair practices. “For too long, China’s lack of adherence to global trading norms has undercut the prosperity of Americans and others around the world,” she said. But Chinese officials and experts contend that the country’s success is the result of a strong work ethic and consistent, large investments in manufacturing. They are quick to point out that by bringing the pandemic firmly under control within several weeks early last year, China was able to reopen its factories and offices quickly. “We have very strong supply, but weak demand,” said Tu Xinquan, the executive dean of the China Institute for World Trade Organization Studies at the University of International Business and Technology in Beijing. “So companies have to export.”

China’s economy continues to slow, rattled by real estate and energy

The German government will drastically lower a levy on electricity consumption from 2022 to help ease the burden on consumers as Europe battles soaring energy prices, grid operators announced Friday.

The Renewable Energy Act (EEG) surcharge, used to fund the expansion of solar and wind plants, will fall by more than 40 percent to 3.723 cents ($0.043) per kilowatt hour from January 1, according to a statement by 50Herz Transmission, Amprion, TenneT TSO and TransnetBW.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/whats-behind-the-energy-crunch-in-britain-and-europe-420945">What’s behind the energy crunch in Britain and Europe</a>

It is the largest reduction yet since the green levy was introduced in 2000 to help Europe's top economy transition away from fossil fuels towards cleaner energy sources.

Economy Minister Peter Altmaier described the reduction as "good news for German consumers" and repeated a call for the EEG surcharge to be phased out "as soon as possible to relieve the current situation."

The shortfall will be offset by higher government subsidies, partly thanks to a tax on carbon emissions introduced at the start of 2021.

Germans already have the highest electricity bills in the European Union and as winter approaches, pressure is growing for the government to help mitigate a looming energy price crisis.

Gas prices have surged in Europe in recent months as demand has soared with economies emerging from their Covid-induced restrictions. Stocks were also left low after a long, cold winter.

Also Read |&nbsp;<a href="https://www.wionews.com/world/in-eu-finland-lobbies-to-get-nuclear-energy-labelled-as-sustainable-source-420124">In EU, Finland lobbies to get nuclear energy labelled as sustainable source &nbsp;</a>

Wholesale natural gas prices, the lead indicator for overall energy prices in Europe, have more than tripled this year. Oil and coal prices have also jumped, fuelling fears over spiking inflation and rocketing energy bills.&nbsp;

EU leaders will discuss the energy issue at a summit next week.&nbsp;

The European Commission has proposed that member states temporarily reduce taxes and levies to help lower energy bills for households and businesses.

In France, the government has pledged to block any further price increases for gas and electricity until April.

The German government will drastically lower a levy on electricity consumption from 2022 to help ease the burden on consumers as Europe battles soaring energy prices, grid operators announced Friday.

The German government will drastically lower a levy on electricity consumption from 2022 to help ease the burden on consumers as Europe battles soaring energy prices, grid operators announced Friday. The Renewable Energy Act (EEG) surcharge, used to fund the expansion of solar and wind plants, will fall by more than 40 percent to 3.723 cents ($0.043) per kilowatt hour from January 1, according to a statement by 50Herz Transmission, Amprion, TenneT TSO and TransnetBW. Also Read | What’s behind the energy crunch in Britain and Europe It is the largest reduction yet since the green levy was introduced in 2000 to help Europe's top economy transition away from fossil fuels towards cleaner energy sources. Economy Minister Peter Altmaier described the reduction as "good news for German consumers" and repeated a call for the EEG surcharge to be phased out "as soon as possible to relieve the current situation." The shortfall will be offset by higher government subsidies, partly thanks to a tax on carbon emissions introduced at the start of 2021. Germans already have the highest electricity bills in the European Union and as winter approaches, pressure is growing for the government to help mitigate a looming energy price crisis. Gas prices have surged in Europe in recent months as demand has soared with economies emerging from their Covid-induced restrictions. Stocks were also left low after a long, cold winter. Also Read | In EU, Finland lobbies to get nuclear energy labelled as sustainable source Wholesale natural gas prices, the lead indicator for overall energy prices in Europe, have more than tripled this year. Oil and coal prices have also jumped, fuelling fears over spiking inflation and rocketing energy bills. EU leaders will discuss the energy issue at a summit next week. The European Commission has proposed that member states temporarily reduce taxes and levies to help lower energy bills for households and businesses. In France, the government has pledged to block any further price increases for gas and electricity until April.

Germany cuts electricity levy as energy prices surge

India is set to achieve 450 GW renewable energy installed capacity by 2030, the Ministry of New and Renewable Energy said on Monday.

Earlier this month, the MNRE in collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI) organised a series of events, from October 6 to 8, 2021 during the Climate and Biodiversity Week at Expo 2020 Dubai.

Also Read |&nbsp;<a href="https://www.wionews.com/world/soaring-energy-prices-climb-up-eus-political-agenda-418611">Soaring energy prices climb up EU's political agenda</a>

According to the official statement released by the Ministry of New and Renewable Energy, the events covered the themes of India's Renewable Energy Achievements and Ambitions, Emerging Areas and Opportunities for Renewable Energy in India, and also focussed events anchored by the Solar Energy Corporation of India (SECI) and Indian Renewable Energy Development Agency (IREDA).

Addressing the event on Monday, Union Minister for New and Renewable Energy RK Singh said, "India is already ahead of what we pledged in our Nationally Determined Contributions (NDCs). Already 39 per cent of our installed capacity is from non-fossil based sources. By 2022 we will reach our target of 40 per cent."

"We are launching the Green Corridor Phase 2 and we are generally expanding transmission to put in place systems for renewable power evacuation from sites where irradiation is high, or wind speed is high," he said further.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/despite-the-green-energy-push-oil-will-be-worlds-no-1-energy-source-opec-416913">Despite the green energy push, Oil will be world's No 1 energy source: OPEC</a>

Speaking on the opportunities for green hydrogen in India, Singh said that his ministry will work out with bids for electrolysers and that mandates for green hydrogen consumption in refining, fertilizer, piped natural gas.

"India has embarked on an exciting journey and is treading where no one has ventured before, and SECI will continue to work towards meeting the ambition of 450 GW by 2030," the minister added.&nbsp;

India is set to achieve 450 GW renewable energy installed capacity by 2030, the Ministry of New and Renewable Energy said on Monday. Earlier this month, the MNRE in collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI) organised a series of events, from October 6 to 8, 2021 during the Climate and Biodiversity Week at Expo 2020 Dubai.

India is set to achieve 450 GW renewable energy installed capacity by 2030, the Ministry of New and Renewable Energy said on Monday. Earlier this month, the MNRE in collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI) organised a series of events, from October 6 to 8, 2021 during the Climate and Biodiversity Week at Expo 2020 Dubai. Also Read | Soaring energy prices climb up EU's political agenda According to the official statement released by the Ministry of New and Renewable Energy, the events covered the themes of India's Renewable Energy Achievements and Ambitions, Emerging Areas and Opportunities for Renewable Energy in India, and also focussed events anchored by the Solar Energy Corporation of India (SECI) and Indian Renewable Energy Development Agency (IREDA). Addressing the event on Monday, Union Minister for New and Renewable Energy RK Singh said, "India is already ahead of what we pledged in our Nationally Determined Contributions (NDCs). Already 39 per cent of our installed capacity is from non-fossil based sources. By 2022 we will reach our target of 40 per cent." "We are launching the Green Corridor Phase 2 and we are generally expanding transmission to put in place systems for renewable power evacuation from sites where irradiation is high, or wind speed is high," he said further. Also Read | Despite the green energy push, Oil will be world's No 1 energy source: OPEC Speaking on the opportunities for green hydrogen in India, Singh said that his ministry will work out with bids for electrolysers and that mandates for green hydrogen consumption in refining, fertilizer, piped natural gas. "India has embarked on an exciting journey and is treading where no one has ventured before, and SECI will continue to work towards meeting the ambition of 450 GW by 2030," the minister added.

India set to achieve 450 GW renewable energy installed capacity by 2030: Centre

The largest provincial economy in China's northeast rust belt on Monday warned of worsening power shortages despite government efforts to boost coal supply and manage electricity use in a post-pandemic energy crisis hitting multiple countries.

The energy crisis gripping the world's second largest-economy and top exporter is expected to last through to the end of the year, with analysts and traders forecasting a 12 per cent&nbsp;drop in industrial power consumption in the fourth quarter because coal supply is expected to fall short this winter.

Also Read |&nbsp;<a href="https://www.wionews.com/world/chinas-power-crisis-hampers-its-economic-growth-419601">China's power crisis hampers its economic growth</a>

Liaoning province issued its second-highest alert level for power shortages for the fifth time in two weeks on Monday, warning that the shortfall could reach nearly 5 gigawatts (GW).

The biggest economy and largest consumer of power among the three provinces making up China's rust-belt industrial region, Liaoning has been hit by widespread power cuts since mid-September. A level-two alert indicates a power shortage equivalent to 10-20 per cent&nbsp;of total demand for power.

The rebound in global economic activity as coronavirus restrictions are lifted has exposed shortages of fuels used for power generation in China and other countries, leaving industries and governments scrambling as the northern hemisphere heads into winter.

"The biggest power shortage could reach 4.74 gigawatts (GW) on October 11," said a notice issued by the department responsible for industry in the province.

An order to curb power use had been put in place from 6 a.m. (2200 GMT on Sunday), it said.

The province also issued level-two alerts for each of the last three days of September, when the daily power shortage reached as much as 5.4 GW, leaving hundreds of thousands of households without electricity and forcing industrial plants to suspend production.

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The drop in output from power plants followed tightening supply and soaring prices for coal, which is used to generate more than 70 per cent&nbsp;of electricity in the region.

Wind farms have also been idled because of slow wind speeds, a province-backed newspaper reported. Wind power made up 8.2 per cent&nbsp; of Liaoning's power generation in 2020, National Statistics Bureau data shows.

Coal&nbsp;Shortage

The energy crisis, which has led to fuel shortages and blackouts in some countries, has highlighted the difficulty in cutting the global economy's dependency on fossil fuels as world leaders seek to revive efforts to tackle climate change at talks next month in Glasgow.

China will "strictly control" coal-fired power generation projects and "strictly limit" the increase in coal consumption over the 14th Five-Year plan period from 2021-2025 while making a phased reduction in consumption in the next five-year plan, Vice Premier Han Zheng said in a joint statement issued on Monday after environment and climate dialogue between China and the European Union.

China is taking steps to try to alleviate tightness in the domestic coal market by pushing local mines to increase output, ING analysts said in a note to clients on Monday.

Shanxi province and the Inner Mongolia region, two of China's biggest coal producers, ordered more than 200 of their mines to expand production capacity and prioritise coal supply to power plants in northeastern provinces, including Liaoning.

Also Read |&nbsp;<a href="https://www.wionews.com/world/china-taiwan-tensions-tsai-ing-wens-remarks-incite-confrontation-distort-facts-says-beijing-spokesperson-419777">China-Taiwan tensions: Tsai Ing-wen's remarks incite confrontation, distort facts, says Beijing spokesperson</a>

However, about 60 coal mines in China's largest coal-mining province, Shanxi, have been closed and several railway lines disrupted since Friday after heavy rain caused flooding. The Shanxi government has not disclosed how much production capacity those closed mines represent.

Meanwhile, high coal costs continue to pressure utilities. China's thermal coal futures rose 8 per cent&nbsp; to hit a daily upper trading limit shortly after trade started on Monday.

More than 70 per cent&nbsp; of China's coal-fired power plants are loss-making because of high coal costs, Citi analysts said in a note on Friday.

A report by Moody's Investors Service said: "China's electricity cuts will add to economic stresses, weighing on GDP growth for 2022. And the risks to GDP forecasts could be larger as disruptions to production and supply chains feed through."

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/china-made-electric-vehicles-should-not-be-sold-in-india-modi-govt-to-elon-musk-419293">China-made electric vehicles should not be sold in India: Modi govt to Elon Musk</a>

The National Development and Reform Commission (NDRC), China's state planner, on Monday said it has been urging power companies to boost coal inventories. It will hold a news briefing on Tuesday at 10:30 a.m. (0230 GMT) on tariffs for coal-fired power.

Last week China said it would allow coal-fired power prices to fluctuate by up to 20 per cent&nbsp; from base levels, instead of 10-15 per cent&nbsp; previously.

The largest provincial economy in China's northeast rust belt on Monday warned of worsening power shortages despite government efforts to boost coal supply and manage electricity use in a post-pandemic energy crisis hitting multiple countries.

The largest provincial economy in China's northeast rust belt on Monday warned of worsening power shortages despite government efforts to boost coal supply and manage electricity use in a post-pandemic energy crisis hitting multiple countries. The energy crisis gripping the world's second largest-economy and top exporter is expected to last through to the end of the year, with analysts and traders forecasting a 12 per cent drop in industrial power consumption in the fourth quarter because coal supply is expected to fall short this winter. Also Read | China's power crisis hampers its economic growth Liaoning province issued its second-highest alert level for power shortages for the fifth time in two weeks on Monday, warning that the shortfall could reach nearly 5 gigawatts (GW). The biggest economy and largest consumer of power among the three provinces making up China's rust-belt industrial region, Liaoning has been hit by widespread power cuts since mid-September. A level-two alert indicates a power shortage equivalent to 10-20 per cent of total demand for power. The rebound in global economic activity as coronavirus restrictions are lifted has exposed shortages of fuels used for power generation in China and other countries, leaving industries and governments scrambling as the northern hemisphere heads into winter. "The biggest power shortage could reach 4.74 gigawatts (GW) on October 11," said a notice issued by the department responsible for industry in the province. An order to curb power use had been put in place from 6 a.m. (2200 GMT on Sunday), it said. The province also issued level-two alerts for each of the last three days of September, when the daily power shortage reached as much as 5.4 GW, leaving hundreds of thousands of households without electricity and forcing industrial plants to suspend production. Also Read | Now, China's move to cut silicon production disrupts global economy The drop in output from power plants followed tightening supply and soaring prices for coal, which is used to generate more than 70 per cent of electricity in the region. Wind farms have also been idled because of slow wind speeds, a province-backed newspaper reported. Wind power made up 8.2 per cent of Liaoning's power generation in 2020, National Statistics Bureau data shows. Coal Shortage The energy crisis, which has led to fuel shortages and blackouts in some countries, has highlighted the difficulty in cutting the global economy's dependency on fossil fuels as world leaders seek to revive efforts to tackle climate change at talks next month in Glasgow. China will "strictly control" coal-fired power generation projects and "strictly limit" the increase in coal consumption over the 14th Five-Year plan period from 2021-2025 while making a phased reduction in consumption in the next five-year plan, Vice Premier Han Zheng said in a joint statement issued on Monday after environment and climate dialogue between China and the European Union. China is taking steps to try to alleviate tightness in the domestic coal market by pushing local mines to increase output, ING analysts said in a note to clients on Monday. Shanxi province and the Inner Mongolia region, two of China's biggest coal producers, ordered more than 200 of their mines to expand production capacity and prioritise coal supply to power plants in northeastern provinces, including Liaoning. Also Read | China-Taiwan tensions: Tsai Ing-wen's remarks incite confrontation, distort facts, says Beijing spokesperson However, about 60 coal mines in China's largest coal-mining province, Shanxi, have been closed and several railway lines disrupted since Friday after heavy rain caused flooding. The Shanxi government has not disclosed how much production capacity those closed mines represent. Meanwhile, high coal costs continue to pressure utilities. China's thermal coal futures rose 8 per cent to hit a daily upper trading limit shortly after trade started on Monday. More than 70 per cent of China's coal-fired power plants are loss-making because of high coal costs, Citi analysts said in a note on Friday. A report by Moody's Investors Service said: "China's electricity cuts will add to economic stresses, weighing on GDP growth for 2022. And the risks to GDP forecasts could be larger as disruptions to production and supply chains feed through." Also Read | China-made electric vehicles should not be sold in India: Modi govt to Elon Musk The National Development and Reform Commission (NDRC), China's state planner, on Monday said it has been urging power companies to boost coal inventories. It will hold a news briefing on Tuesday at 10:30 a.m. (0230 GMT) on tariffs for coal-fired power. Last week China said it would allow coal-fired power prices to fluctuate by up to 20 per cent from base levels, instead of 10-15 per cent previously.

China rust-belt province warns of more shortages in energy crisis

Chinese authorities have ordered dozens of coal mines to expand production amid a nationwide energy crunch, state media reported Friday.

Dozens of mines in China's Inner Mongolia, a major coal producing region, were instructed to increase their capacity by more than 98 million tonnes in an official notice not released to the public, the state-run Securities Times reported.

Also Read |&nbsp;<a href="https://www.wionews.com/world/power-cuts-in-china-force-suppliers-factories-homes-to-stay-in-dark-416450">Power cuts in China force supplier’s factories, homes to stay in dark&nbsp;</a>

Nearly 60 per cent of China's energy-hungry economy is fuelled by coal, and the country has struggled to wean itself from the fuel despite its pledge to become carbon neutral by 2060.

China has been hit by widespread power cuts that have forced factories to delay production as businesses are ordered to minimize energy usage.

Record coal prices, state electricity price controls and tough emissions targets have combined to squeeze the power supply, pushing over a dozen provinces and regions to announce curbs on energy usage in recent months.

The 72 mines in Inner Mongolia were asked to "accelerate the release" of production capacity, the official Securities Times said, citing the current supply crunch as a likely factor behind the order.

Also Read |&nbsp;<a href="https://www.wionews.com/world/electricity-crisis-chinese-switch-to-flashlights-generators-to-meet-emission-targets-ease-coal-shortages-416787">Electricity crisis: Chinese switch to flashlights, generators to meet emission targets &amp; ease coal shortages</a>

China's coal supply has been disrupted by the pandemic, under pressure from tough emissions targets and squeezed by a drop in coal imports exacerbated by a trade tiff with Australia.

Earlier this month, coal prices hit a record high.

Meanwhile China's power needs in the first half of the year exceeded pre-pandemic levels, according to the National Energy Administration, as demand for factory goods picked up with the rest of the world emerging from Covid lockdowns.

Chinese Vice Premier Han Zheng had recently warned fuel companies to make sure there is enough fuel to keep the country running, according to Bloomberg News.

Chinese authorities have ordered dozens of coal mines to expand production amid a nationwide energy crunch, state media reported Friday. Dozens of mines in China's Inner Mongolia, a major coal producing region, were instructed to increase their capacity by more than 98 million tonnes in an official notice not released to the public, the state-run Securities Times reported.

Chinese authorities have ordered dozens of coal mines to expand production amid a nationwide energy crunch, state media reported Friday. Dozens of mines in China's Inner Mongolia, a major coal producing region, were instructed to increase their capacity by more than 98 million tonnes in an official notice not released to the public, the state-run Securities Times reported. Also Read | Power cuts in China force supplier’s factories, homes to stay in dark Nearly 60 per cent of China's energy-hungry economy is fuelled by coal, and the country has struggled to wean itself from the fuel despite its pledge to become carbon neutral by 2060. China has been hit by widespread power cuts that have forced factories to delay production as businesses are ordered to minimize energy usage. Record coal prices, state electricity price controls and tough emissions targets have combined to squeeze the power supply, pushing over a dozen provinces and regions to announce curbs on energy usage in recent months. The 72 mines in Inner Mongolia were asked to "accelerate the release" of production capacity, the official Securities Times said, citing the current supply crunch as a likely factor behind the order. Also Read | Electricity crisis: Chinese switch to flashlights, generators to meet emission targets & ease coal shortages China's coal supply has been disrupted by the pandemic, under pressure from tough emissions targets and squeezed by a drop in coal imports exacerbated by a trade tiff with Australia. Earlier this month, coal prices hit a record high. Meanwhile China's power needs in the first half of the year exceeded pre-pandemic levels, according to the National Energy Administration, as demand for factory goods picked up with the rest of the world emerging from Covid lockdowns. Chinese Vice Premier Han Zheng had recently warned fuel companies to make sure there is enough fuel to keep the country running, according to Bloomberg News.

China orders mines to up coal production by nearly 100 million tonnes: State media

The European Union said on Wednesday it would scrutinise its power market design and consider proposals to revamp EU regulation, as the bloc seeks to keep its plans to tackle climate change on track amid record-high energy costs.

European electricity and gas prices have rocketed higher this year as tight gas supplies have collided with strong demand in economies recovering from the COVID-19 pandemic.

Soaring energy prices topped the EU's political agenda on Wednesday, with environment ministers and European Parliament each meeting to debate the issue, after EU country leaders discussed their response on Tuesday evening.

"There is no question that we need to take policy measures," EU energy commissioner Kadri Simson told the EU's parliament.

The crisis has divided countries over whether Brussels should intervene. The Commission will next week publish a menu of options for how governments and the EU could react.

Simson said the Commission would launch a study into whether the EU's power market was fit to deliver the bloc's planned transition to green energy. Spain and France have called for a revamp of EU electricity regulation to decouple the price of power from the cost of gas.

"We believe this framework is sound, but we see the challenges," Simson said.

Spanish Prime Minister Pedro Sanchez said he and other countries had asked Brussels to offer an "audacious" response.

"We need extraordinary, innovative measures&nbsp;we have asked for a joint purchase of gas," he said.

Not all countries are convinced. EU regulators expect gas market conditions to ease in spring and some governments say the issue is best treated with national subsidies and tax breaks to cushion consumers from high bills - measures many countries have rolled out.

"It's mainly something for the member states to address," Dutch Prime Minister Mark Rutte said.

"We should look at what Europe can do collectively. There are proposals - some wilder, others less wild."

The price spike has arrived as the EU prepares for a major upgrade of climate policies, stoking concerns among poorer central and eastern EU states that steps to increase the cost of polluting fuels could push more households into energy poverty.

Brussels is determined to ensure the price spike will not derail its plan to slash emissions and has proposed a multi-billion-euro fund to help poorer households invest in green options.

"Let's keep our eye on the ball. The problem here is the climate crisis," EU climate policy chief Frans Timmermans said. "The quicker we move towards renewable energy, the quicker we can protect our citizens against high prices."

The European Union said on Wednesday it would scrutinise its power market design and consider proposals to revamp EU regulation, as the bloc seeks to keep its plans to tackle climate change on track amid record-high energy costs.

The European Union said on Wednesday it would scrutinise its power market design and consider proposals to revamp EU regulation, as the bloc seeks to keep its plans to tackle climate change on track amid record-high energy costs. European electricity and gas prices have rocketed higher this year as tight gas supplies have collided with strong demand in economies recovering from the COVID-19 pandemic. Soaring energy prices topped the EU's political agenda on Wednesday, with environment ministers and European Parliament each meeting to debate the issue, after EU country leaders discussed their response on Tuesday evening. "There is no question that we need to take policy measures," EU energy commissioner Kadri Simson told the EU's parliament. The crisis has divided countries over whether Brussels should intervene. The Commission will next week publish a menu of options for how governments and the EU could react. Simson said the Commission would launch a study into whether the EU's power market was fit to deliver the bloc's planned transition to green energy. Spain and France have called for a revamp of EU electricity regulation to decouple the price of power from the cost of gas. "We believe this framework is sound, but we see the challenges," Simson said. Spanish Prime Minister Pedro Sanchez said he and other countries had asked Brussels to offer an "audacious" response. "We need extraordinary, innovative measures we have asked for a joint purchase of gas," he said. Not all countries are convinced. EU regulators expect gas market conditions to ease in spring and some governments say the issue is best treated with national subsidies and tax breaks to cushion consumers from high bills - measures many countries have rolled out. "It's mainly something for the member states to address," Dutch Prime Minister Mark Rutte said. "We should look at what Europe can do collectively. There are proposals - some wilder, others less wild." The price spike has arrived as the EU prepares for a major upgrade of climate policies, stoking concerns among poorer central and eastern EU states that steps to increase the cost of polluting fuels could push more households into energy poverty. Brussels is determined to ensure the price spike will not derail its plan to slash emissions and has proposed a multi-billion-euro fund to help poorer households invest in green options. "Let's keep our eye on the ball. The problem here is the climate crisis," EU climate policy chief Frans Timmermans said. "The quicker we move towards renewable energy, the quicker we can protect our citizens against high prices."

Soaring energy prices climb up EU's political agenda

Governments must step up investment in low-carbon hydrogen to unlock its potential and help the world achieve net zero emissions, with $1.2 trillion needed by 2030, the International Energy Agency said on Monday.

Governments with hydrogen strategies have committed $37 billion so far, while the private sector has announced $300 billion, said the IEA, which advises developed countries on energy policies.

Only three countries, France, Japan and South Korea, had hydrogen strategies in 2019, but 17 do now and 20 others are working on one, the IEA said in its Global Hydrogen Review for 2021.

There are pilot projects to produce steel and chemicals with low-carbon hydrogen, the report noted.

The technology also has potential in other sectors where emissions are difficult to reduce, including long-haul trucking, shipping and aviation, the agency said.

"We have experienced false starts before with hydrogen, so we can't take success for granted," said IEA executive director Fatih Birol.

"But this time, we are seeing exciting progress in making hydrogen cleaner, more affordable and more available for use across different sectors of the economy," he said.

Also Read:&nbsp;<a href="https://www.wionews.com/trending/world-animal-day-2021-conservation-efforts-bring-animals-back-from-extinction-in-wild-418112" hreflang="en">World Animal Day 2021: Conservation efforts bring animals back from extinction in wild</a>

Birol urged governments to "take rapid actions to lower the barriers that are holding low-carbon hydrogen back from faster growth, which will be important if the world is to have a chance of reaching net zero emissions by 2050."&nbsp;

Nearly all hydrogen produced today comes from fossil fuels and releases 900 million tonnes of CO2 emissions -- as much as Britain and Indonesia combined, according to the IEA.

Low-carbon hydrogen requires large amounts of electricity to produce it from water, or the use of carbon-capture technologies if it is to be made from fossil fuels, it said.

"The main obstacle to the extensive use of low-carbon hydrogen is the cost of producing it," the report said.

The report comes as governments prepare for the COP26 climate summit in Scotland next month.

Candidates have until Friday to file their official certificates to contest the polls.

The EU had yet to formally reply to UK proposals made in July to reform the so-called Northern Ireland Protocol, he noted.

"But from what I hear, I worry that we will not get one which enables the significant change we need.&nbsp;

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"So I urge the EU to be ambitious. It's no use tinkering around the edges. &nbsp;We need significant change," Frost said.&nbsp;

"But we cannot wait for ever. Without an agreed solution soon, we will need to act, using the Article 16 safeguard mechanism, to address the impact the protocol is having on Northern Ireland."

The protocol formed part of the UK's drawn-out divorce from the EU, and was designed to prevent unchecked goods heading into the bloc's single market via the UK's only land border with the EU to Ireland.

But pro-UK unionists in Northern Ireland are opposed, arguing that border checks on goods from mainland Great Britain -- England, Scotland and Wales -- effectively creates a border in the Irish Sea, compromising the province's place in the wider UK.

Brussels insists that the protocol is not up for renegotiation, and could trigger trade reprisals should the UK invoke its Article 16, which would suspend the pact owing to extraordinary circumstances.

"That may in the end be the only way to protect our country -- our people, our trade, our territorial integrity, the peace process, and the benefits of this great UK of which we are all part," Frost warned.

Addressing the annual conference of the ruling Conservative party, Brexit minister David Frost said: "The long bad dream of our EU membership is over.

Domagoso, 46, popularly known by his celebrity nickname Isko Moreno, and his running-mate Willie Ong, a doctor with more than 16 million followers on Facebook, filed their certificates of candidacy at the Commission on Elections, reports Xinhua news agency

Governments must step up investment in low-carbon hydrogen to unlock its potential and help the world achieve net zero emissions, with $1.2 trillion needed by 2030, the International Energy Agency said on Monday.

Governments must step up investment in low-carbon hydrogen to unlock its potential and help the world achieve net zero emissions, with $1.2 trillion needed by 2030, the International Energy Agency said on Monday. Governments with hydrogen strategies have committed $37 billion so far, while the private sector has announced $300 billion, said the IEA, which advises developed countries on energy policies. Only three countries, France, Japan and South Korea, had hydrogen strategies in 2019, but 17 do now and 20 others are working on one, the IEA said in its Global Hydrogen Review for 2021. There are pilot projects to produce steel and chemicals with low-carbon hydrogen, the report noted. The technology also has potential in other sectors where emissions are difficult to reduce, including long-haul trucking, shipping and aviation, the agency said. "We have experienced false starts before with hydrogen, so we can't take success for granted," said IEA executive director Fatih Birol. "But this time, we are seeing exciting progress in making hydrogen cleaner, more affordable and more available for use across different sectors of the economy," he said. Also Read: World Animal Day 2021: Conservation efforts bring animals back from extinction in wild Birol urged governments to "take rapid actions to lower the barriers that are holding low-carbon hydrogen back from faster growth, which will be important if the world is to have a chance of reaching net zero emissions by 2050." Nearly all hydrogen produced today comes from fossil fuels and releases 900 million tonnes of CO2 emissions -- as much as Britain and Indonesia combined, according to the IEA. Low-carbon hydrogen requires large amounts of electricity to produce it from water, or the use of carbon-capture technologies if it is to be made from fossil fuels, it said. "The main obstacle to the extensive use of low-carbon hydrogen is the cost of producing it," the report said. The report comes as governments prepare for the COP26 climate summit in Scotland next month. Candidates have until Friday to file their official certificates to contest the polls. The EU had yet to formally reply to UK proposals made in July to reform the so-called Northern Ireland Protocol, he noted. "But from what I hear, I worry that we will not get one which enables the significant change we need. Also Read: Oil spill due to pipeline leak hits California shores "So I urge the EU to be ambitious. It's no use tinkering around the edges. We need significant change," Frost said. "But we cannot wait for ever. Without an agreed solution soon, we will need to act, using the Article 16 safeguard mechanism, to address the impact the protocol is having on Northern Ireland." The protocol formed part of the UK's drawn-out divorce from the EU, and was designed to prevent unchecked goods heading into the bloc's single market via the UK's only land border with the EU to Ireland. But pro-UK unionists in Northern Ireland are opposed, arguing that border checks on goods from mainland Great Britain -- England, Scotland and Wales -- effectively creates a border in the Irish Sea, compromising the province's place in the wider UK. Brussels insists that the protocol is not up for renegotiation, and could trigger trade reprisals should the UK invoke its Article 16, which would suspend the pact owing to extraordinary circumstances. "That may in the end be the only way to protect our country -- our people, our trade, our territorial integrity, the peace process, and the benefits of this great UK of which we are all part," Frost warned. Addressing the annual conference of the ruling Conservative party, Brexit minister David Frost said: "The long bad dream of our EU membership is over. Domagoso, 46, popularly known by his celebrity nickname Isko Moreno, and his running-mate Willie Ong, a doctor with more than 16 million followers on Facebook, filed their certificates of candidacy at the Commission on Elections, reports Xinhua news agency

Hydrogen needs $1.2 tn for zero emissions goal: IEA

In 1949, a Soviet expedition in Siberia was looking for uranium to supply the national nuclear arsenal when it stumbled on a vast deposit of copper.

More than 70 years later, a mining complex in Russia's Far East between Lake Baikal and the Pacific Ocean is finally due to launch operations next year.

With copper key to the world's energy transition away from carbon, the hope is it will be a boon for Russia and beyond.

"The long-awaited project is a long-awaited event in the life of the Far East and the entire mining industry of Russia and the world," said Valery Kazikayev, chairman of Udokan Copper, the company developing the site.

Kazikayev, who makes the nine-hour journey by plane from Moscow to the mine twice a month, brought AFP journalists on a tour late September.

At an altitude of 2,000 metres (6,500 feet), the heavy snow covering the mine offers a glimpse at the difficulty of rendering it operable.

"The Soviet Union wasn't able to develop these deposits," Kazikayev, 66, said at the site, where construction began in 2019.

The mine is located both in a seismic zone and on permafrost -- ground that remains completely frozen all-year round. Temperatures can drop to minus 60 degrees Celsius (minus 76 degrees Fahrenheit) in the winter.

These conditions mean developing the site is "difficult", Kazikayev said, noting as a result that "construction is very expensive."

The new 'black gold'

The work of harvesting copper ore has begun and workers are busy setting explosives to blow up permafrost so digging can go ahead.

Holding more than 26 million tonnes of copper, the mine, some 6,500 kilometres (4,000 miles) east of Moscow, claims to be the largest untapped deposit in Russia and the third largest in the world.

To develop the project, Udokan Copper -- which purchased the license in 2008 and is part of billionaire Alisher Usmanov's USM holding company -- raised nearly $3 billion (2.5 billion euros) from Russian banks.

The company also took advantage of preferential conditions granted for developing Russia's Far East, a neglected and isolated region.

The substantial investment is expected to bear fruit.

The price of copper, dubbed the "new black gold", soared to historic heights this year -- and shows no signs of slowing.

"Over the next 15 years, the demand for copper will grow by 30 percent" as the "green economy" grows, said Yulia Buchneva, an analyst at Fitch Ratings in Moscow.

Copper plays a key role in renewable energies and green technologies, she explained, because of its thermal and electrical conductivity properties.&nbsp;

She cited in particular the growing production of electric vehicles, which rely on copper.

Udokan Copper is eyeing Asian markets, particularly China, South Korea and Japan, where demand is high.&nbsp;

To reach those markets, the company is relying on the Baikal-Amur Mainline track (BAM) railway, where work is ongoing.

The line was constructed in the early 1980s next to the deposits in part to realise the goal of extracting the region's mineral wealth.

Logistical challenges

The BAM, which spans more than 4,000 kilometres across Siberia to the Pacific, is a grandiose Soviet project and financial abyss.

Udokan Copper hopes eventually to send its cathodes and copper condensates by train to the Chinese border or Russian ports on the Sea of Japan.

Kazikayev notes the mine is 2,000 kilometres closer to Tokyo than to Moscow.

Still, in an isolated and icy expanse, the logistical challenges are massive.&nbsp;

The company has had to build a power station to supply the energy for the work.

It had to construct a road to the closest airport, which features a wooden terminal.

And it had to bring 4,000 construction workers from Siberia and ex-Soviet republics to the area, home to a few hundred members of the indigenous Evenk reindeer herding people.&nbsp;

The site's deputy general manager Alexei Yaschuk said the team is now used to extreme conditions.

"The main challenge is keeping the roads in working condition. Bulldozers are constantly working," the 44-year-old told AFP.

The only time they stop, he said, is when temperatures fall below minus 35 degrees and visibility is less than 50 metres (165 feet).

"The storms and snowfalls are pretty heavy here."

In 1949, a Soviet expedition in Siberia was looking for uranium to supply the national nuclear arsenal when it stumbled on a vast deposit of copper. More than 70 years later, a mining complex in Russia's Far East between Lake Baikal and the Pacific Ocean is finally due to launch operations next year.

In 1949, a Soviet expedition in Siberia was looking for uranium to supply the national nuclear arsenal when it stumbled on a vast deposit of copper. More than 70 years later, a mining complex in Russia's Far East between Lake Baikal and the Pacific Ocean is finally due to launch operations next year. With copper key to the world's energy transition away from carbon, the hope is it will be a boon for Russia and beyond. "The long-awaited project is a long-awaited event in the life of the Far East and the entire mining industry of Russia and the world," said Valery Kazikayev, chairman of Udokan Copper, the company developing the site. Kazikayev, who makes the nine-hour journey by plane from Moscow to the mine twice a month, brought AFP journalists on a tour late September. At an altitude of 2,000 metres (6,500 feet), the heavy snow covering the mine offers a glimpse at the difficulty of rendering it operable. "The Soviet Union wasn't able to develop these deposits," Kazikayev, 66, said at the site, where construction began in 2019. The mine is located both in a seismic zone and on permafrost -- ground that remains completely frozen all-year round. Temperatures can drop to minus 60 degrees Celsius (minus 76 degrees Fahrenheit) in the winter. These conditions mean developing the site is "difficult", Kazikayev said, noting as a result that "construction is very expensive." The new 'black gold' The work of harvesting copper ore has begun and workers are busy setting explosives to blow up permafrost so digging can go ahead. Holding more than 26 million tonnes of copper, the mine, some 6,500 kilometres (4,000 miles) east of Moscow, claims to be the largest untapped deposit in Russia and the third largest in the world. To develop the project, Udokan Copper -- which purchased the license in 2008 and is part of billionaire Alisher Usmanov's USM holding company -- raised nearly $3 billion (2.5 billion euros) from Russian banks. The company also took advantage of preferential conditions granted for developing Russia's Far East, a neglected and isolated region. The substantial investment is expected to bear fruit. The price of copper, dubbed the "new black gold", soared to historic heights this year -- and shows no signs of slowing. "Over the next 15 years, the demand for copper will grow by 30 percent" as the "green economy" grows, said Yulia Buchneva, an analyst at Fitch Ratings in Moscow. Copper plays a key role in renewable energies and green technologies, she explained, because of its thermal and electrical conductivity properties. She cited in particular the growing production of electric vehicles, which rely on copper. Udokan Copper is eyeing Asian markets, particularly China, South Korea and Japan, where demand is high. To reach those markets, the company is relying on the Baikal-Amur Mainline track (BAM) railway, where work is ongoing. The line was constructed in the early 1980s next to the deposits in part to realise the goal of extracting the region's mineral wealth. Logistical challenges The BAM, which spans more than 4,000 kilometres across Siberia to the Pacific, is a grandiose Soviet project and financial abyss. Udokan Copper hopes eventually to send its cathodes and copper condensates by train to the Chinese border or Russian ports on the Sea of Japan. Kazikayev notes the mine is 2,000 kilometres closer to Tokyo than to Moscow. Still, in an isolated and icy expanse, the logistical challenges are massive. The company has had to build a power station to supply the energy for the work. It had to construct a road to the closest airport, which features a wooden terminal. And it had to bring 4,000 construction workers from Siberia and ex-Soviet republics to the area, home to a few hundred members of the indigenous Evenk reindeer herding people. The site's deputy general manager Alexei Yaschuk said the team is now used to extreme conditions. "The main challenge is keeping the roads in working condition. Bulldozers are constantly working," the 44-year-old told AFP. The only time they stop, he said, is when temperatures fall below minus 35 degrees and visibility is less than 50 metres (165 feet). "The storms and snowfalls are pretty heavy here."

In Siberia, a copper mine hopes to become a global energy pivot

China's top state-owned energy companies have been ordered to ensure there are adequate fuel supplies for the approaching winter at all costs, a report said Friday, as the country battles a power crisis that threatens to hit growth in the world's number two economy.

The country has been hit by widespread power cuts that have closed or partially closed factories, hitting production and global supply chains.

The crisis has been caused by a confluence of factors including rising overseas demand as economies reopen, record coal prices, state electricity price controls and tough emissions targets.

More than a dozen provinces and regions have been forced to impose curbs on energy usage in recent months.

Bloomberg News, citing people familiar with the matter who did not want to be named, reported that Vice Premier Han Zheng had told energy companies to make sure there is enough fuel to keep the country running and that Beijing would not tolerate blackouts.

Han, who supervises the nation’s energy sector and industrial production, was speaking at an emergency meeting this week with officials from Beijing’s state-owned assets regulator and economic planning agency, the people said.

Data released on Thursday showed China's factory activity contracted last month for the first time since February 2020, when the country was essentially closed by lockdowns as authorities battled the first coronavirus outbreak.

Han's statement raised concerns that already high commodity prices could surge even further.

The order "to me implies that we are in no way on the verge of a cool-off. Rather it looks like it is going to get even more crazy", Bjarne Schieldrop, an analyst at SEB said.&nbsp;

"They will bid whatever it takes to win a bidding war for a cargo of coal" or liquefied natural gas.

The power crunch prompted banks Nomura and Goldman Sachs to this week cut their growth forecasts for China this year as they expect more disruptions to supply chains and production.

Factories that supply multinationals such as Apple and carmaker Tesla are among those affected and told to halt production.

And a note from Capital Economics on Friday warned that "power shortages seem unlikely to ease any time soon".

One factory worker in the industrial hub of Dongguan told AFP this week they were working overnight after being forced to cease daytime production.

"Of course we're unhappy... but we’re going along with the hours that the power curbs take place," he said.

China's top state-owned energy companies have been ordered to ensure there are adequate fuel supplies for the approaching winter at all costs, a report said Friday, as the country battles a power crisis that threatens to hit growth in the world's number two economy.

China's top state-owned energy companies have been ordered to ensure there are adequate fuel supplies for the approaching winter at all costs, a report said Friday, as the country battles a power crisis that threatens to hit growth in the world's number two economy. The country has been hit by widespread power cuts that have closed or partially closed factories, hitting production and global supply chains. The crisis has been caused by a confluence of factors including rising overseas demand as economies reopen, record coal prices, state electricity price controls and tough emissions targets. More than a dozen provinces and regions have been forced to impose curbs on energy usage in recent months. Bloomberg News, citing people familiar with the matter who did not want to be named, reported that Vice Premier Han Zheng had told energy companies to make sure there is enough fuel to keep the country running and that Beijing would not tolerate blackouts. Han, who supervises the nation’s energy sector and industrial production, was speaking at an emergency meeting this week with officials from Beijing’s state-owned assets regulator and economic planning agency, the people said. Data released on Thursday showed China's factory activity contracted last month for the first time since February 2020, when the country was essentially closed by lockdowns as authorities battled the first coronavirus outbreak. Han's statement raised concerns that already high commodity prices could surge even further. The order "to me implies that we are in no way on the verge of a cool-off. Rather it looks like it is going to get even more crazy", Bjarne Schieldrop, an analyst at SEB said. "They will bid whatever it takes to win a bidding war for a cargo of coal" or liquefied natural gas. The power crunch prompted banks Nomura and Goldman Sachs to this week cut their growth forecasts for China this year as they expect more disruptions to supply chains and production. Factories that supply multinationals such as Apple and carmaker Tesla are among those affected and told to halt production. And a note from Capital Economics on Friday warned that "power shortages seem unlikely to ease any time soon". One factory worker in the industrial hub of Dongguan told AFP this week they were working overnight after being forced to cease daytime production. "Of course we're unhappy... but we’re going along with the hours that the power curbs take place," he said.

China orders energy firms to secure supplies amid power crisis: report

Britain on Friday powered up the world's longest subsea electricity cable with Norway in order to share hydro and wind power, amid ongoing turmoil in the UK energy market.

National Grid, which distributes energy to UK homes and businesses, said the 1.6-billion-euro ($1.9-billion) North Sea Link will start commercial operations on Friday.&nbsp;

"The UK and Norway are now able to share renewable energy for the first time," the company added in a statement.

This marked a "major milestone" in Britain's target to reach net zero carbon emissions.

The cable's maximum capacity will initially stand at 700 megawatts, but will be increased to 1,400 MW over three months.

NSL will eventually provide enough clean electricity to power 1.4 million homes.

The 720-kilometre-long (447-mile-long) NSL is a joint venture with Norwegian power grid operator Statnett.

The cable links Blyth in northeast England with Kvilldal in southwestern Norway.

All but four kilometres of the cable are underwater.&nbsp;

"When wind generation is high and electricity demand low in Britain, NSL will enable renewable power to be exported from the UK, conserving water in Norway's reservoirs," National Grid added in the statement.

"When demand is high in Britain and there is low wind generation, hydro power can be imported from Norway, helping to ensure secure, affordable and sustainable electricity supplies for UK consumers."

Britain, which will host the COP26 United Nations climate summit in Glasgow in November, aims to reduce its carbon emissions to net zero by 2050.

Friday's news comes as the British domestic energy sector buckles under record high natural gas prices.

That has sparked fears of rocketing household energy bills during the upcoming peak-demand northern hemisphere winter.

Almost 2.0 million UK consumers have seen their domestic energy suppliers go bust in recent weeks as a result of the spiking cost of gas.

Britain is particularly exposed to Europe's ongoing energy crisis because of its reliance on natural gas to generate electricity. 
&nbsp;

Britain on Friday powered up the world's longest subsea electricity cable with Norway in order to share hydro and wind power, amid ongoing turmoil in the UK energy market.

Britain on Friday powered up the world's longest subsea electricity cable with Norway in order to share hydro and wind power, amid ongoing turmoil in the UK energy market. National Grid, which distributes energy to UK homes and businesses, said the 1.6-billion-euro ($1.9-billion) North Sea Link will start commercial operations on Friday. "The UK and Norway are now able to share renewable energy for the first time," the company added in a statement. This marked a "major milestone" in Britain's target to reach net zero carbon emissions. The cable's maximum capacity will initially stand at 700 megawatts, but will be increased to 1,400 MW over three months. NSL will eventually provide enough clean electricity to power 1.4 million homes. The 720-kilometre-long (447-mile-long) NSL is a joint venture with Norwegian power grid operator Statnett. The cable links Blyth in northeast England with Kvilldal in southwestern Norway. All but four kilometres of the cable are underwater. "When wind generation is high and electricity demand low in Britain, NSL will enable renewable power to be exported from the UK, conserving water in Norway's reservoirs," National Grid added in the statement. "When demand is high in Britain and there is low wind generation, hydro power can be imported from Norway, helping to ensure secure, affordable and sustainable electricity supplies for UK consumers." Britain, which will host the COP26 United Nations climate summit in Glasgow in November, aims to reduce its carbon emissions to net zero by 2050. Friday's news comes as the British domestic energy sector buckles under record high natural gas prices. That has sparked fears of rocketing household energy bills during the upcoming peak-demand northern hemisphere winter. Almost 2.0 million UK consumers have seen their domestic energy suppliers go bust in recent weeks as a result of the spiking cost of gas. Britain is particularly exposed to Europe's ongoing energy crisis because of its reliance on natural gas to generate electricity.

UK starts up subsea renewable power link to Norway

EU leaders will get together in three weeks to discuss soaring energy prices and how to mitigate their impact on European consumers, European Council President Charles Michel's office said on Thursday.

The "important topic" has been added to the agenda of a summit taking place on October 21 and 22, said Michel's spokesman, Barend Leyts.

While the short-term impact being felt by households and businesses is primarily for individual EU countries to tackle, "we need to discuss how the EU can help," Leyts said in a statement.

A surge in energy prices across Europe, driven largely by a three-fold jump in wholesale gas prices, is exacerbating fears of high inflation as the EU's economy bounces back strongly from the Covid-19 pandemic.

It also threatens to undermine an EU push towards a low-carbon future that entails a profound transformation of many sectors -- and with it, bigger costs for Europeans.

<a href="https://www.wionews.com/world/transport-chiefs-warn-world-leaders-and-un-about-incoming-collapse-of-global-supply-chain-417077https://www.wionews.com/world/transport-chiefs-warn-world-leaders-and-un-about-incoming-collapse-of-global-supply-chain-417077">Also read |&nbsp;Transport chiefs warn world leaders and UN about incoming collapse of global supply chain</a>

EU envoys and representatives have already been addressing the issue, which they deem "critical", and the European Commission has also taken it up.

Some lawmakers in the European Parliament accuse Russia, which accounts for much of the gas imported into the EU, of manipulating prices in an effort to get Germany to activate the newly completed Nord Stream 2 pipeline across the Baltic, bypassing Ukraine.

Russia's gas giant Gazprom denies that, but has allowed its gas tanks in Europe to drop to nearly empty.

The EU is considering short-term measures such as cutting value-added tax and excises on energy, in a bid to protect its medium- and long-term plans for more renewable energy sources and better energy efficiency.

EU leaders will get together in three weeks to discuss soaring energy prices and how to mitigate their impact on European consumers, European Council President Charles Michel's office said on Thursday.

EU leaders will get together in three weeks to discuss soaring energy prices and how to mitigate their impact on European consumers, European Council President Charles Michel's office said on Thursday. The "important topic" has been added to the agenda of a summit taking place on October 21 and 22, said Michel's spokesman, Barend Leyts. While the short-term impact being felt by households and businesses is primarily for individual EU countries to tackle, "we need to discuss how the EU can help," Leyts said in a statement. A surge in energy prices across Europe, driven largely by a three-fold jump in wholesale gas prices, is exacerbating fears of high inflation as the EU's economy bounces back strongly from the Covid-19 pandemic. It also threatens to undermine an EU push towards a low-carbon future that entails a profound transformation of many sectors -- and with it, bigger costs for Europeans. Also read | Transport chiefs warn world leaders and UN about incoming collapse of global supply chain EU envoys and representatives have already been addressing the issue, which they deem "critical", and the European Commission has also taken it up. Some lawmakers in the European Parliament accuse Russia, which accounts for much of the gas imported into the EU, of manipulating prices in an effort to get Germany to activate the newly completed Nord Stream 2 pipeline across the Baltic, bypassing Ukraine. Russia's gas giant Gazprom denies that, but has allowed its gas tanks in Europe to drop to nearly empty. The EU is considering short-term measures such as cutting value-added tax and excises on energy, in a bid to protect its medium- and long-term plans for more renewable energy sources and better energy efficiency.

EU leaders to discuss rising energy prices at next summit

The north sea oil was discovered off the coast of Norway in the 1960s. The findings changed the country's prospects- making it one of the world's largest oil exporters. More than 60 years later calls to shut down the industry have been growing. Can Norway's prominent petroleum industry survive this criticism?

Oil sector faces uncertain future as Norway heads to the polls

Hundreds of homes and factories in China are going dark amid a major power crunch. Some cities are turning off traffic lights to ration power. Why is China running out of energy? What does it mean for the world? Palki Sharma tells you.

Gravitas US Edition: China turns off traffic lights amid power crunch

Reservoirs in Brazil's Sao Paulo are drying up. The area which is dependent on hydroelectric powerplants is now facing massive power outages. The government of the country is also mulling to take dire steps to conserve energy. WION brings you a report.

Brazil: Drought hits hydropower plants, Bolsonaro asks people to cut down on power consumption

Environmentalists say desalination decimates ocean life, costs too much money and energy. But as Western states face an epic drought, regulators appear ready to approve a desalination plant in Huntington Beach, California.

California approves desalination plant as western states face an epic drought

Amazon.com Inc said on Tuesday it will launch a $2 billion venture capital fund that will focus on technology investments to reduce the impact of climate change and support sustainable development.

The Climate Pledge Fund will invest in companies across industries such as transportation and logistics, energy, storage and utilization, manufacturing and materials, and food and agriculture, the e-commerce giant said.

Also read:&nbsp;<a href="/world/apple-google-amazon-take-aim-at-trump-visa-ban-308029" hreflang="en">Apple, Google, Amazon take aim at Trump visa ban</a>

Amazon, which delivers about 10 billion items a year and has a massive transportation and data center footprint, has faced protests from environmental activists and pressure from its employees to take action on climate change.

The company has vowed to be net carbon neutral by 2040.&nbsp;

Also read:&nbsp;<a href="/technology/amazon-to-use-ai-tech-in-its-warehouses-to-enforce-social-distancing-306310" hreflang="en">Amazon to use AI tech in its warehouses to enforce social distancing</a>

"Each prospective investment will be judged on its potential to accelerate the path to zero carbon and help protect the planet for future generations," Chief Executive Officer Jeff Bezos said in a statement.

In February, Bezos committed about $10 billion to fund scientists, activists, non-profits and other groups fighting to protect the environment.&nbsp;

The Wall Street Journal first reported on the new fund.

Amazon.com Inc said on Tuesday it will launch a $2 billion venture capital fund that will focus on technology investments to reduce the impact of climate change and support sustainable development.

Amazon.com Inc said on Tuesday it will launch a $2 billion venture capital fund that will focus on technology investments to reduce the impact of climate change and support sustainable development. The Climate Pledge Fund will invest in companies across industries such as transportation and logistics, energy, storage and utilization, manufacturing and materials, and food and agriculture, the e-commerce giant said. Also read: Apple, Google, Amazon take aim at Trump visa ban Amazon, which delivers about 10 billion items a year and has a massive transportation and data center footprint, has faced protests from environmental activists and pressure from its employees to take action on climate change. The company has vowed to be net carbon neutral by 2040. Also read: Amazon to use AI tech in its warehouses to enforce social distancing "Each prospective investment will be judged on its potential to accelerate the path to zero carbon and help protect the planet for future generations," Chief Executive Officer Jeff Bezos said in a statement. In February, Bezos committed about $10 billion to fund scientists, activists, non-profits and other groups fighting to protect the environment. The Wall Street Journal first reported on the new fund.

Amazon pledges $2 billion venture capital fund to invest in clean energy

The <a href="https://www.wionews.com/world/us-mexico-canada-deal-most-important-trade-pact-ever-trump-168842">US Senate</a> approved a revamp of the US-Mexico-Canada Free Trade Agreement a day after the signing of the Phase 1 trade deal between the United States and China.

Brent settled up 62 cents, or 1%, to $64.62 a barrel, while US West Texas Intermediate (WTI) crude rose by 71 cents, or 1.2%, to $58.52 a barrel.

Oil rose about 1% on Thursday, as progress on another major trade deal fed optimism that energy demand will grow in 2020, which offset bearish market comments from the International Energy Agency.

The deal that the Senate approved was a revamp of the 26-year-old North American Free Trade Agreement. A day earlier, US and Chinese leaders signed the Phase 1 trade deal calling for the world's largest energy importer to buy $50 billion more of US oil, liquefied natural gas and other energy products over two years.

Also Read:&nbsp;<a href="https://www.wionews.com/world/usmca-united-states-mexico-and-canada-finalize-new-trade-agreement-267552">United States, Mexico, Canada sign deal finalizing USMCA trade pact</a>

However, analysts warned that China might struggle to meet the target and said oil prices could be volatile until more details emerge. 
Trade sources said sharply higher Chinese purchases of US energy products as part of the China-US trade deal will shake up global crude oil trade flows if American supplies squeeze rival crudes out of the top oil import market.

<img alt="New York Stock Exchange" data-entity-type="file" data-entity-uuid="61ac745d-d1d2-4838-8094-dbcdb6e7d35b" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-20T183634.573_0.jpg" /> 
[ (Traders work on the floor at the&nbsp;New&nbsp;York Stock Exchange (Courtesy: Reuters) ]

"We had the US-China trade deal yesterday - signed and sealed. And now you got the <a href="https://www.wionews.com/business-economy/mexican-businesses-want-clarity-on-details-of-usmca-trade-deal-267698">US-Mexico</a> trade going through the senate. So I think the optimism surrounding the demand is rising exponentially right now," said Phil Flynn, an analyst at Price Futures Group in Chicago.

The oil benchmark prices were also supported by a report from the Federal Reserve Bank of Philadelphia showing strong manufacturing activity in the US Mid-Atlantic region and as Wall Street stock indexes scaled new records. The S&amp;P 500 touched a record high.

Price gains were capped earlier as the International Energy Agency (IEA) said it expected oil production to outpace demand for crude from the Organization of the Petroleum Exporting Countries (OPEC), even if members comply fully with a pact with Russia and other non-OPEC allies to curb output.

However, Flynn believes the agency may be underestimating the potential demand boost from the US-Mexico trade accord and the US-China trade deal.

UBS said in a note "provided Middle East tensions do not intensify and cause production disruptions, Brent should decline toward the bottom of a $60–65 per barrel trading range in 1H20 before recovering to the top of it in the second half of the year".

The US Senate approved a revamp of the US-Mexico-Canada Free Trade Agreement a day after the signing of the Phase 1 trade deal between the United States and China.

The US Senate approved a revamp of the US-Mexico-Canada Free Trade Agreement a day after the signing of the Phase 1 trade deal between the United States and China. Brent settled up 62 cents, or 1%, to $64.62 a barrel, while US West Texas Intermediate (WTI) crude rose by 71 cents, or 1.2%, to $58.52 a barrel. Oil rose about 1% on Thursday, as progress on another major trade deal fed optimism that energy demand will grow in 2020, which offset bearish market comments from the International Energy Agency. The deal that the Senate approved was a revamp of the 26-year-old North American Free Trade Agreement. A day earlier, US and Chinese leaders signed the Phase 1 trade deal calling for the world's largest energy importer to buy $50 billion more of US oil, liquefied natural gas and other energy products over two years. Also Read: United States, Mexico, Canada sign deal finalizing USMCA trade pact However, analysts warned that China might struggle to meet the target and said oil prices could be volatile until more details emerge. Trade sources said sharply higher Chinese purchases of US energy products as part of the China-US trade deal will shake up global crude oil trade flows if American supplies squeeze rival crudes out of the top oil import market. [ (Traders work on the floor at the New York Stock Exchange (Courtesy: Reuters) ] "We had the US-China trade deal yesterday - signed and sealed. And now you got the US-Mexico trade going through the senate. So I think the optimism surrounding the demand is rising exponentially right now," said Phil Flynn, an analyst at Price Futures Group in Chicago. The oil benchmark prices were also supported by a report from the Federal Reserve Bank of Philadelphia showing strong manufacturing activity in the US Mid-Atlantic region and as Wall Street stock indexes scaled new records. The S&P 500 touched a record high. Price gains were capped earlier as the International Energy Agency (IEA) said it expected oil production to outpace demand for crude from the Organization of the Petroleum Exporting Countries (OPEC), even if members comply fully with a pact with Russia and other non-OPEC allies to curb output. However, Flynn believes the agency may be underestimating the potential demand boost from the US-Mexico trade accord and the US-China trade deal. UBS said in a note "provided Middle East tensions do not intensify and cause production disruptions, Brent should decline toward the bottom of a $60–65 per barrel trading range in 1H20 before recovering to the top of it in the second half of the year".

Oil ends higher as trade deals progress; spurs energy demand hopes

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