China to see gas output hitting 300 bcm by 2030: report

⁠⁠⁠⁠⁠⁠⁠China's natural gas production is projected to reach 300 billion cubic meters by 2030, according to a development report released in Beijing.

The report, covering the development of China's oil and gas industry during the country's 14th Five-Year Plan period (2021–2025), said proven geological reserves rose by 7 billion tons of oil and 7 trillion cubic meters of gas, up 43 percent and 40 percent respectively from the previous five-year period. Oil and gas production hit record highs.

"The oil output is likely to reach between 215 and 216 million tons this year. Natural gas has seen major growth during the 14th Five-Year Plan period (2021–2025), with annual domestic output rising by nearly 13 billion cubic meters. In the 15th Five-Year Plan period (2026-2030), we expect annual increases of more than 10 billion cubic meters, reaching 300 billion cubic meters around 2030," said Wu Mouyuan, deputy director of the Economics and Technology Research Institute of China National Petroleum Corporation (CNPC).

The report forecast that China's energy structure will feature less coal, stable oil and gas, and rising non-fossil fuels over the next decade.

By 2060, fossil fuels are expected to account for 23 percent of the energy mix, hydropower and nuclear 19 percent, wind 25 percent, and solar 30 percent, the report said.

"In the next five years, through the integrated development of fossil energy and renewables, we will achieve a heathy, stable, and resilient energy system. Clean energy will continue to grow rapidly. More than 90 percent of renewable energy will be consumed via electricity, so the electrification at end-use sectors is a key direction of transformation in the future," said Wu.

With the rapid growth of artificial intelligence and new high-energy industries, China's power demand will exceed 20 trillion kilowatt hours by 2060, double the 2025 level. Electrification at end-use sectors is expected to reach 62 percent, rising by nearly one percentage point annually, the report projected.

China to see gas output hitting 300 bcm by 2030: report

European Union (EU) countries gave final approval on Thursday to an amendment of the European Climate Law, setting a binding intermediate target to cut the bloc's net greenhouse gas emissions by 90 percent by 2040 compared with 1990 levels, reinforcing the EU's path toward climate neutrality by 2050.

Under the amended law, from 2036 EU member states will be allowed to count "high-quality international credits" towards meeting the 2040 target, capped at 5 percent of the EU's 1990 net emissions. This means at least 85 percent of the emissions reductions must be achieved within the bloc, the Council of the EU said in a statement.

The credits must be based on credible greenhouse gas reduction activities in partner countries and be aligned with the Paris Agreement, the statement added.

The amended law also delays the launch of the EU's emissions trading system covering road transport, buildings and other sectors, shifting its start date from 2027 to 2028.

The adoption of the amendment marks the final step in the legislative process. The amended regulation will enter into force 20 days after its publication in the Official Journal of the EU and will apply directly across all EU member states.

The European Climate Law was first adopted in 2021, setting a legally binding target of climate neutrality by 2050 and a 2030 goal to cut net emissions by at least 55 percent from 1990 levels.

EU countries approves 2040 target to cut net emissions by 90 pct