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February 3rd - The Fifth Session of the 14th Sichuan Provincial Peoples Congress opened on the morning of February 3rd. The meeting heard a work report delivered by Governor Shi Xiaolin on behalf of the Provincial Peoples Government. The main expected targets for the provinces economic and social development this year are: GDP growth of around 5.5%; 850,000 new urban jobs, with the urban surveyed unemployment rate around 5.5%; a consumer price index increase of around 2%; a 2% increase in local general public budget revenue, with residents income growth basically in sync with economic growth; grain output exceeding 73 billion jin; and fulfilling energy conservation, emission reduction, and carbon reduction targets as required by the state.The main Shanghai silver futures contract hit its daily limit down again, falling 20% to 20,600 yuan/kg.February 3 – The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3 at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the Government Work Report. The report stated that this year, the city will implement the new version of the Catalogue of Industries Encouraging Foreign Investment, enhance the service level for major foreign investment projects, guide and support foreign-invested enterprises to invest more in advanced manufacturing, modern services, high technology, energy conservation and environmental protection industries, promote the implementation of a number of foreign investment projects in the fields of finance, telecommunications, healthcare, and cultural tourism, further enhance the level of regional headquarters of multinational corporations and foreign-invested R&D centers, and better protect the legitimate rights and interests of foreign-invested enterprises.February 3rd - The Ministry of Natural Resources convened a mobilization and deployment meeting on February 3rd to promote the "efficient and streamlined" real estate registration process. The meeting clarified five key aspects for improving the "one-stop" real estate transfer registration for enterprises. Among these, it proposed innovating registration policies for existing properties. The "mortgage-backed transfer" service will be expanded from individuals to enterprises, and from residential to commercial and industrial properties, actively promoting "mortgage-backed transfers" across financial institutions to effectively reduce the burden of bridging loans for enterprises.February 3 – HSBC ASEAN economist Yun Liu noted in a report that the upcoming Singapore budget is likely to focus on long-term priorities. Given the continued pressure on the cost of living, the budget is expected to provide immediate relief for consumers and businesses. She stated, “However, we expect it to be less substantial than the 2025 budget, which included many one-off measures as part of the ‘SG60’ (60th Anniversary of Singapore) package.” Measures targeting consumers should be supported through various incentives, including cash subsidies. Furthermore, the government may continue to increase support in areas such as job creation and the widespread adoption of artificial intelligence.

Africa Should Use Its Natural Gas, Says The AfDB President

Skylar Williams

Nov 16, 2022 14:50

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The right of African states to utilize their natural gas supply should be reflected in any agreement concluded at the COP27 climate talks, the head of the African Development Bank told Reuters, despite the efforts of certain nations to restrict the use of the fuel.


According to sources, achieving an agreement on fossil fuels is one of the most difficult aspects of the negotiations, with certain countries, notably India, aiming to eliminate the use of all fossil fuels, including gas.


Monday evening's distribution of a preliminary document by summit organizers removed any reference to fossil energy. Even while it is the basis of any agreement, the crucial final language has yet to be discussed.


Akinwumi Adesina, president of the African Development Bank, stated on the sidelines of the United Nations conference in Sharm el-Sheikh, Egypt, on Friday, "Africa needs natural gas to supplement its renewable energy."


He stated that even if Africa tripled its current natural gas production, its contribution to global emissions would only grow by 0.67 percent.


In view of the fact that the world is on track to miss its climate goal of limiting global warming to 1.5 degrees Celsius above the pre-industrial average by the middle of the century, one of the conference's main emphasis has been on countries speeding their transition to renewable energy.


Adesina indicated that the AfDB intends to fund $25 billion via the African Adaptation Acceleration Program, more than any other comparable lender. In addition, it has invested 85 percent of its capital in renewable energy between 2016 and 2021.


He added that natural gas is required to balance the electricity supply despite the intermittent nature of renewables.


"We must acknowledge Africa's singularity. Africa has the highest rate of energy poverty in the world, "Adesina noted.


"What intrigues me is how Africa uses natural gas as part of its energy mix to provide electricity to the 600 million people who currently lack access to electricity."


According to Adesina, developed nations have produced around 2,400 gigatonnes of climate-damaging carbon emissions since the industrial revolution, leaving only 400 gigatonnes if the world is to fulfill its temperature target.


"Therefore, Africa, which did not significantly emit, should not be penalized for its inability to utilise even a small amount of gas to supplement its natural resources."

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