MNI China Daily Summary: Friday, August 2

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Industrial Production Rebounds Less Than Expected in June

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Germany Considers Government Funding For Future Gas Projects

NATURAL GAS

The German government is considering the continued funding of gas projects for upstream and midstream production overseas, sources told the Financial Times.

  • During the Cop25 summit in 2021, Germany pledged to end fossil-fuel financing overseas by the end of 2022.
  • Germany has been forced to look for alternatives of Russian gas imports and officials believe gas was needed as a transitional energy source.
  • Special climate envoy, Jennifer Morgan, said to the FT “we’re not looking at contracts for gas for more than 15 years…we have a legally binding GHG target for 2045. We’ll actually peak our gas use earlier”.
  • Germany had planned to cut the use of nuclear power stations by the end of 2022, losing significant base-load capacity, but has extended operation of the three remaining plants until at least April.
  • In addition, Germany is following its coal-and lignite phase-out plan, and recently announced plans to end lignite plants in western Germany by 2030.
Energy BulletsCommodities
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