The Asian Development Bank (ADB) signed a $100 million loan with Shanghai SUS Environment Company Limited (SUS) to finance a portfolio of innovative and socially inclusive waste-to-energy (WTE) facilities within low carbon eco-industrial parks (EIPs) in the People’s Republic of China (PRC).
This marks ADB’s first eco-industrial park waste-to-energy project. The project will utilize state-of-the-art incineration and emission treatment technologies, treat municipal solid waste (MSW) sustainably, supply clean electricity to the grid, and have the potential to supply power and steam to treat different types of waste within the EIPs.
ADB’s loan to SUS will expand the PRC’s low-carbon circular economy and make cities more livable, through integrated urban waste management systems. The project will mitigate climate change through increased renewable energy generation and reduction of landfill-generated methane.
“SUS is a pioneer in the PRC’s environmental protection industry. SUS’s waste-to-energy facilities can meet stringent air emissions standards, recycle resources within the eco-industrial parks, and are community centric with its onsite waste museums and artistic architectures,” said Infrastructure Finance Division Director for Southeast Asia, East Asia, and the Pacific at ADB’s Private Sector Operations Department Mr. Jackie Surtani.
“The cooperation with ADB will help SUS to accelerate the development of multiple projects and enable us to provide better services to the people and government where WTE projects are needed. SUS welcomes this unique opportunity to establish a long-term partnership with ADB,” said Mr. Long Jisheng, SUS Chairman and Chief Executive Officer.
The PRC is the world’s largest producer of MSW, generating about 215 million tons in 2017. This is expected to increase to 500 million tons per year by 2025. The facilities to be financed under this project will utilize clean and state-of-the-art incineration technology to process about 4,800 tons of MSW per day. Overall, the WTE facilities will treat 1.75 million tons of MSW, generate 437.5 gigawatt-hours of clean energy, and reduce carbon dioxide equivalent emissions by about 1.17 million tons annually.
The project will also generate 150 new jobs, including over 30 new jobs to women in operations and open career opportunities through technical training to female staff.
Established in 2008, SUS is a leading environmental protection company headquartered in Shanghai. SUS provides equipment and design capacity for grate incineration technology for WTE plants and develops and operates WTE plants and eco-industrial parks in the PRC. SUS is a licensee of Hitachi Zosen Corporation, a leading global WTE engineering company with more than 820 WTE units in commercial operations globally. CITIC Private Equity Funds Management Co., Ltd. invested in SUS in 2014 and is SUS’s largest shareholder.
OPEC+ agrees to stick to its existing policy of reducing oil production
Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November, – informs CNBC.
An influential alliance of oil producers on Sunday agreed to stay the course on output policy ahead of a pending ban from the European Union on Russian crude.
OPEC and non-OPEC producers, a group of 23 oil-producing nations known as OPEC+, decided to stick to its existing policy of reducing oil production by 2 million barrels per day, or about 2% of world demand, from November until the end of 2023.
The European Union is poised to ban all imports of Russian seaborne crude from Monday, while the U.S. and other members of the G-7 will impose a price cap on the oil Russia sells to countries around the world.
The Kremlin has previously warned that any attempt to impose a price cap on Russian oil will cause more harm than good.
Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November. It came despite calls from the U.S. for the group to pump more to lower fuel prices and help the global economy…
The looming Russian oil price “cap” has all the hallmarks of a historic debacle in the making, – notes “The Hill”.
For months, the United States and the G-7 have haggled over a complex plan to constrain the money that the Kremlin makes from some of its oil exports.
Despite Russian war against Ukraine and subsequent Western sanctions on his regime, Russia is swimming in petrol dollars. By the end of the year, the Russian Economy Ministry estimates that the country will have made a record $338 billion from its energy exports.
Together with America’s existing embargo on Russian crude, when the European Union’s oil embargo comes into full force on Dec. 5, policymakers fear that the move will constrain global petroleum supplies and push prices upward.
Assuming that EU and G-7 leaders can sort out their current price puzzle and fix Russian crude below what the international market would prefer to pay, who will pick winners and losers in the subsequent scramble for cheap Kremlin oil: Putin and his energy cronies?
The Russian oil “cap” would not be necessary if the Biden White House had been making it easier to open the spigots of American oil from the start. The president’s pledge of “no more drilling” in America continues to undercut his economic and foreign policy against Russia.
If the Russian oil price cap fails to materialize or work as officials intend, the United States and its allies should drop the scheme, – stresses “The Hill”.
G7 agrees oil price cap: reducing Russia’s revenues, while keeping global energy markets stable
The international Price Cap Coalition has finalised its work on implementing an oil price cap on Russian seaborne crude oil. EU Member States in the Council have also just approved in parallel its implementation within the EU.
The cap has been set at a maximum price of 60 USD per barrel for crude oil and is adjustable in the future in order to respond to market developments. This cap will be implemented by all members of the Price Cap Coalition through their respective domestic legal processes.
Ursula von der Leyen, President of the European Commission, said, “The G7 and all EU Member States have taken a decision that will hit Russia’s revenues even harder and reduce its ability to wage war in Ukraine. It will also help us to stabilise global energy prices, benefitting countries across the world who are currently confronted with high oil prices.”
While the EU’s ban on importing Russian seaborne crude oil and petroleum products remains fully in place, the price cap will allow European operators to transport Russian oil to third countries, provided its price remains strictly below the cap.
The price cap has been specifically designed to reduce further Russia’s revenues, while keeping global energy markets stable through continued supplies. It will therefore also help address inflation and keep energy costs stable at a time when high costs – particularly elevated fuel prices – are a great concern in the EU and across the globe.
The price cap will take effect after 5 December 2022 for crude and 5 February 2023 for refined petroleum products [the price for refined products will be finalised in due course]. It will enter into force simultaneously across all Price Cap Coalition jurisdictions. The price cap also provides for a smooth transition – it will not apply to oil purchased above the price cap, which is loaded onto vessels prior to 5 December and unloaded before 19 January 2023.
The EU’s sanctions against Russia are proving effective. They are damaging Russia’s ability to manufacture new weapons and repair existing ones, as well as hinder its transport of material.
The geopolitical, economic, and financial implications of Russia’s continued aggression are clear, as the war has disrupted global commodities markets, especially for agrifood products and energy. The EU continues to ensure that its sanctions do not impact energy and agrifood exports from Russia to third countries.
As guardian of the EU Treaties, the European Commission monitors the enforcement of EU sanctions across the EU.
The EU stands united in its solidarity with Ukraine, and will continue to support Ukraine and its people together with its international partners, including through additional political, financial, and humanitarian support.
Less Russian crude on the market may result in higher crude prices early next year
When the U.S. Treasury Secretary proposed capping the price of Russian export oil to curb Moscow’s revenues, oil prices spiked. And Russia’s reaction was quite predictable: Moscow said it would stop exporting oil to countries that enforce the price cap that was embraced by all members of the G7, including Japan, which was granted an exemption from the cap, notes “Oil Price”.
Now, while the European Union debates the level of the oil price cap, skepticism about its effectiveness has grown. The main factor driving this skepticism is the price level being discussed, which is between $65 and $70 per barrel.
According to the authors of the idea at G7, this price level would provide Russia with an incentive to continue exporting crude oil even with a cap in a bid to avoid a shortage.
The problem is that unless the EU agrees on the price cap proposed by the G7, it will have to implement its very own embargo on all maritime Russian crude oil imports. And the problem lies in the fact that an embargo could lead to substantially higher prices for European oil buyers.
Yet at the currently considered price level, the cap, while certainly ensuring that Russian oil continues to flow internationally, would fail at its second stated goal: reducing Moscow’s revenues.
Yet for the EU, the matter seems to be more or less settled: Poland is not budging on its demand for a lower cap, and Greece and Cyprus are unlikely to budge on their demand to have their shipping industries protected — hypothetically — via a higher cap.
What this means? – An EU embargo on Russian oil, a squeeze on the supply of oil to the EU, and, consequently, higher prices. And higher prices for non-Russian oil may well lead to higher prices for Russian oil, too, as supply gets rerouted.
And if Russia sticks to its promise to suspend sales to cap enforcers, it might even end up with greater revenues from its oil.
Qatar punctures FIFA’s political fantasy
If the Qatar World Cup proved anything, it’s that sports and politics are inseparable Siamese twins joined at the hip....
Uzbekistan’s Artel joins UN’s ‘Orange The World’ campaign against gender-based violence
Artel Electronics LLC (Artel), Central Asia’s largest home appliance and electronics manufacturer, has teamed up with the UN Population Fund...
US Anti-Inflation Law threatens Europe
Europe and the US are heading towards a serious trade and economic conflict, writes “Berliner Morgenpost”. In the European Union...
OPEC+ agrees to stick to its existing policy of reducing oil production
Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day...
U.S.-Africa Leaders Summit: Matters Arising and Way Forward
On the eve of the U.S.-Africa Leaders Summit planned for December 13-15 in Washington, the Corporate Council in partnership with...
Weapons from Ukraine’s war now coming to Africa
Nigerian President Muhammadu Buhari said that weapons from the raging war between Russia and Ukraine are now slipping into the...
Rethinking the Soviet Experience : Politics and History since 1917- Book Review
The book was written in 1984 and is a collection of essays on Soviet politics and Sovietology, from the time...
Eastern Europe4 days ago
Friends in misfortune. What will rapprochement with Armenia and Russia give Iran?
Eastern Europe3 days ago
What “Victory” and “Defeat” Would Mean in Ukraine’s War
Science & Technology4 days ago
Interesting archaeological discovery in Israel
Americas4 days ago
Joe Vogler and the Alaskan Independence Party: The Last Secession Attempt in the United States
Americas4 days ago
Canada’s Indo Pacific strategy
East Asia4 days ago
Russia-Ukraine Conflict and the Chinese Viewpoint
Defense3 days ago
Ukraine Crisis: International Security and Foreign Policy Option for Pakistan
Science & Technology4 days ago
Towards Efficient Matrix Multiplication