IEA: the First Decline in Global Green Energy Growth in 20 Years

Due to COVID-19, the global renewable energy capacity growth will have the first annual decline in 20 years. On May 20th, the International Energy Agency (IEA) said that the growth rate of new renewable energy capacity will accelerate next year.

According to the latest report on renewable energy market issued by the IEA, the newly installed capacity of renewable energy this year is expected to be 167gw, 13% less than last year. However, the total capacity of renewable energy in the world is still expanding and will increase by 6% by 2020.

Next year, new generation of renewable energy is expected to rebound to 2019 levels, assuming the government continues to implement supportive policies. The economic growth rate in 2020 and 2021 is expected to be 10% lower than that predicted by the International Energy Agency before the outbreak of COVID-19.

It is worth noting that almost all mature markets are affected by downward correction, with the exception of the US. US investors are eager to complete the project to get the tax credit before it expires.

Source:the International Energy Agency

US $1 billion largest solar project approved

The U.S. Department of the interior has approved the construction of Nevada's "Twin Star" solar project which will be the largest solar project of the US and worth about $1 billion. After the completion of the project, it is expected to become the eighth largest solar power station in the world. The U.S. Department of the Interior announced on May 11 that it will build 690 megawatts of megawatts solar power plants and auxiliary facilities in about 48 kilometers northeast of Las Vegas. The statement said the project will provide enough power for about 260000 households in Las Vegas and Southern California.

The project is expected to inject about $712.5 million into the local economy as the nation tries to recover from the outbreak, Interior Secretary David Bernhardt said. According to the associated press, the first phase of the Twin Starsolar project will occupy about 28 square kilometers of federal land and is expected to be completed next year, delivering 440 megawatts of power to Nevada. The second phase of the project is expected to add 250 megawatts of power generation capacity, which will be sold in Nevada or delivered to Arizona and California in 2022. The project includes a 380 megawatt AC battery storage system that can continue to deliver power after sunset.

Source: China Business

Kingfa Technology: to build 1.2 million tons / year polypropylene thermoplastic elastomer (PTPE) and modified new material integration project (phase I)of total investment 6.2 billion yuan

On May 18, Kingfa technology announced thatNingbo Kingfa new materials Co., Ltd. ("Ningbo Kingfa"), the holding subsidiary of the company, was approved at the 28th (Interim) meeting of the sixth board of directors of the company to invest 1.2 million tons / year polypropylene thermoplastic elastomer (PTPE) and modified new material integration project (phase I) in Qingshi Industrial Park, Xiaogang, Beilun, Ningbo City, Zhejiang Province, with a total investment of about 6.2 billion yuan.

Project construction content: 600000 T / a propane dehydrogenation unit, 400000 T / a polypropylene unit, 400000 T / a polypropylene and modified polypropylene combined unit, 25000 T / a PSA Hydrogen extraction unit, new low-temperature tank farm and supporting auxiliary facilities for public works.

The total construction period (from process package design to commissioning) is estimated to be 34 months. According to the equipment procurement and supply, the project schedule can be adjusted or shorted accordingly.

Source: Sina Finance

Another 1.5 Million Tons EthyleneRpoject from CNOOC and Shell Huizhou

On May 17th, CNOOC Shell Huizhou phase 3 ethylene project strategic cooperation framework agreement held a "cloud signing" ceremony in Guangzhou, Beijing and the Hague,Holland at the same time. The total investment of the project is about US $5.6billion(about RMB 39.6billion), and the site is located in Dayawan Petrochemical district. Less than a month after the $10 billion ExxonMobil Guangdong Huizhou ethylene project started in Daya Bay petrochemical area on April 22.

On the basis of 1 million tons / year ethylene in the first phase and 1.2 million tons / year ethylene in the second phaseproject, the 1.5 million tons / year ethylene will be added in the third phase. The main products include ethylene, propylene, butadiene, ethylene oxide / glycol, styrene / propylene oxide, linear α olefin, poly α olefin, high carbon synthetic alcohol, metallocene polyethylene, copolymerized polypropylene and so on. There are 14 sets of world-class production units among them, the technology of α - olefin, poly α - olefin and metallocene polyethylene was first applied in the Asia Pacific region.

CNOOC, Shell Group and Huizhou, Guangdong Province are once again in a strong alliance. The cooperation between the three parties started from the largest Sino foreign joint venture project in China in the 1990s - CNOOC shell South China Sea petrochemical project. At present, CNOOC shell phase I and phase II projects have been completed and put into operation. It is the largest ethylene production plant in China and the most efficient plant in the world. Its ethylene production capacity reaches 2.2 million tons / year, and the annual production capacity can reach 2.2 million tons / year to provide more than 6 million tons of high-quality and diversified petrochemical products to the market.

Source: Sina Finance

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