China aims to double wind and solar capacity by 2025
June 2, 2022, 6:28 pm

China aims to double wind and solar capacity by 2025

China-Skyscrapers-Public place/Pixabay

China aims to double its wind and solar capacity by 2025, according to a new road map that also allows for more coal-fired power plants to bolster energy security, the Alarabiya English reported, citing the AFP.

The world’s biggest polluter earlier estimated it needs to double wind and solar use by 2030 to deliver on its pledges under the Paris climate accord.

The latest plan - if implemented - means China might reach that goal earlier.

But Beijing has also ramped up reliance on coal-fired power plants in recent months to support its ailing economy as the Ukraine war pushes up global energy prices.

China aims to double its wind and solar capacity by 2025 - Pixabay

The country’s central economic planner said 33 percent of power supply to the national grid will come from renewable sources by 2025, up from 29 percent in 2020, in a document released Wednesday (June a).

The plan said: “In 2025, the annual power generation from renewable energy will reach about 3.3 trillion kilowatt-hours... and the wind power and solar power generation will double."

China, already the world’s largest producer of renewable energy, has accelerated investment in solar and wind projects to tackle pollution at home, which researchers say kills millions every year.

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Beijing has pledged to peak emissions by 2030 and become carbon neutral by 2060.

Investment in solar energy nearly tripled in the first four months of the year to 29 billion yuan ($4.3 billion) compared with January to April investment in the previous year, data from the National Energy Administration shows.

But China’s energy policy has remained a two-headed beast, with the country burning about half the coal used globally each year to power its economy.

Policymakers further embraced coal as the Ukraine war pushed up prices of oil and natural gas.

Premier Li Keqiang said coal underpinned China’s energy security in an emergency meeting last week to address economic woes, and the central bank has approved a $15 billion credit line to fund coal mining and coal-fired plants.

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In March, the cabinet ordered miners to dig up 300 million tons of extra coal this year.

Local governments started building new power plants last year that will boost capacity from coal by the most since 2016, after an energy crunch paralyzed swathes of the economy.

Lauri Myllyvirta, lead analyst at the Centre for Research on Energy and Clean Air, said “energy security - avoiding another energy shortage and managing geopolitical risks - is the overwhelming priority” for China with the economic outlook uncertain.

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The latest energy plan says renewables will supply “50 percent of the growth in power consumption” to 2025, lower than previous official estimates and signaling more room to expand coal power.

Myllyvirta said: “The planners are projecting, or preparing for, faster demand growth which would see fossil fuel use and emissions still increase."

Source: alarabiyaenglish

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.