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China’s CO2 emissions are lower after consecutive lockdowns than during the Covid pandemic

carbon emissions China have sunk lower than those measured during the Covid-19 Pandemic following ongoing lockdowns across the country, potentially portending a severe recession.

According to climate data company Kayrros, which uses satellites to track greenhouse gases, Eurasian nations have seen CO2 emissions fall to near March 2020 levels, which preceded the last recession.

China’s emissions are lower than for all of 2021, when new strains of Covid-19 engulfed most of the world, with CO2 levels just above when the pandemic first struck.

High energy prices are preventing countries from expanding their economies, Kayrros said.

Carbon emissions in China and Europe have fallen to levels seen at the bottom of the Covid-19 pandemic, potentially heralding a major recession

“Any reduction in emissions is good news for the climate, but it’s happening for the wrong reasons — economic reasons rather than a permanent shift to a renewable energy system,” said Antoine Halff, co-founder and principal analyst at Kayrros.

China’s industrial emissions have fallen sharply after a five-week lockdown in its most populous city, Shanghai, with the country’s zero-Covid policy causing retail sales to fall for three straight months.

Although the country declared victory over the virus and ended its full lockdown after two months on June 1, Shanghai’s neighborhoods returned to lockdown a day after restrictions were eased.

Shenzhen, a city nearly 1,000 miles from Shanghai next to Hong Kong, was placed on a limited lockdown on Monday after a renewed outbreak.

Adjusted for inflation, Chinese construction investments are lower than a year ago.

Using the heat signature of industrial plants, the climate company identified the heat signature of industrial plants and estimated the CO2 emissions.

Kayrros data showed that cement production in China fell 30% below seasonal levels, another indicator of the economic slowdown.

The technical failure of China’s second-largest real estate developer Evergrande, which was on the brink of economic collapse before the government stepped in, caused China’s housing market and construction sector to slow.

“In China, the data is consistent with reports of a slowdown in the construction sector,” a Kayrros spokesman told MailOnline.

“However, there is the beginning of a recovery in China in the latest data, which suggests government and infrastructure incentives could have an impact – and for coal-fired power generation, the Henan heatwave will also support power generation.”

In Europe, too, industrial emissions are nearing March 2020 lows, signaling plant shutdowns across the continent.

According to the study, Europe’s steel and cement sectors are particularly affected.

The most significant changes are in Germany and Italy – both heavily dependent on Russian energy.

Kayrros has also monitored liquefied natural gas (LNG) trading across Eurasia in real-time, tracking vessels and identifying multiple instances of disruption caused by the war in Ukraine and other supply chain issues.

Last month, Chancellor Olaf Scholz announced Germany would build two domestic LNG import terminals to source gas from other countries. Four floating terminals could be operational by winter 2022.

But European countries will struggle to plug the energy hole created by Russia with imported natural gas, Halff said.

One of the US’s largest export facilities, Freeport LNG, was shut down for at least three weeks after an explosion at its facility on the Texas Gulf Coast on June 9, raising the risk of gas shortages in Europe.

“The strong price reaction to the Freeport outage shows that nations cannot rely solely on importing more gas,” Halff said, adding that Europe’s reliance on imported US gas is only a temporary fix.

The outages of the Soyo LNG plant in Angola also have an impact on the global energy supply. The two plants together account for about 5% of global LNG production.

China’s CO2 emissions are lower after consecutive lockdowns than during the Covid pandemic

Source link China’s CO2 emissions are lower after consecutive lockdowns than during the Covid pandemic

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