China will actively expand the use of geothermal energy as the world's biggest energy consumer seeks to adopt cleaner power sources for heating.
Vice Premier Zhang Guoqing told a conference on Friday,
In a statement by Reuters, Zhang said that China will also increase the scale of wind and solar power projects while safely advancing nuclear power plant construction.
Sinopec plans to add 75 million square metres of geothermal heating area to reach a target of 160 million square metres by the end of 2025, Ma Yongsheng, chairman of state-owned refiner Sinopec, said at the same conference.
The company already has a geothermal capacity of over 85 million square metres after 11 years of development, added Ma.
Clean power sources in northern China, including geothermal, have contributed to improving air quality, said Zhang Jianhua, Director of the National Energy Administration of China.
China's National Energy Administration has proposed increasing the geothermal heating-cooling area by 50 per cent in the next five years from 2020 and doubling the geothermal power generation capacity.
Global equity markets, including from the U.S., Europe and Asia, rose while oil prices fell on Wednesday, as traders cheered news of ceasefire proposals to de-escalate the ongoing conflict in the Middle East.
Australia's centre-left government has introduced legislation in the parliament to double penalties for fuel price gouging on Wednesday as global supply disruptions due to the Iran war triggered fuel shortages in some rural regions.
Gulf markets ended mixed on Tuesday, with Qatar extending losses while other bourses steadied as investors parsed conflicting signals on potential US-Iran talks.
Australia and the European Union on Tuesday signed a trade deal marking the culmination of years of negotiations, as Europe seeks to diversify its export markets and expand ties beyond its traditional partners.
Weaponising the Strait of Hormuz is an act of economic terrorism with global impact far beyond energy markets, asserted Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, while addressing CERAWeek in Houston, Texas.
Dubai Police’s Ramadan initiatives recorded strong community participation, with 1,220 volunteers from various nationalities and age groups contributing their time and effort throughout the holy month.
The General Authority of Islamic Affairs, Endowments and Zakat has urged residents in areas affected by adverse weather conditions to prioritise public safety and perform Friday prayers at home.