Are you looking for a stock?

Are you looking for a stock?

The information you requested is not available at this time, please check back again soon.

(Bloomberg) -- China is zigging while the rest of the world is zagging when it comes to coal power. 

Beijing rapidly accelerated plans for new coal power plants in the second half of last year, increasing its pipeline by 45% to 250 gigawatts, according to a report from London-based climate think tank E3G. Meanwhile, planned power plants in the rest of the world shrank by 10 gigawatts, leaving China accounting for 72% of the world’s future projects.

China’s push for more coal capacity is its response to a series of recent power shortages that have made energy security buzzwords for the nation’s top officials. At the same time, it’s continued the breakneck speed at which it’s installing new renewable power, which will likely make many of the new coal plants expensive backups and potentially stranded assets down the line. 

It’s those risks that are slowing down coal elsewhere in the world. Outside of China, only seven new plants were announced last year — six reactivated projects in India and one new facility in Indonesia, according to E3G. For the first time in recent history, no new coal generation was proposed in either North America or the European Union.

“China’s coal boom risks creating a diverging world energy landscape, locking in significant newly operational coal capacity and construction starts for the next five years, just as the rest of the world increasingly recognizes the economic jeopardy of new coal,” E3G said. 

(All times Beijing unless noted.)

For all that commodities markets were disappointed by China’s relatively subdued 5% growth target set out at the National People’s Congress, the dirtiest end of the sector found reason to take cheer.

Brian Acker's Top Picks: March 14, 2023

Lorne Steinberg's Top Picks: March 13, 2023

Brianne Gardner's Top Picks: March 10, 2023

The situation that caused Silicon Valley Bank to collapse in the course of 48 hours was uncommon and it’s an example of the type of consequences that can happen after interest rates rise quickly, according to an analyst at RBC Capital Markets.

A class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying that company didn't disclose the risks that future interest rate increases would have on its business.

Shareholders of Ritchie Bros. approved the company's deal to buy U.S. automotive salvage company IAA Inc. at a meeting Tuesday, the company said in a press release.

As the Liberal government drafts its spring budget, fiscal experts say it should consider stricter spending rules and higher taxes to improve federal finances.