By Muyu Xu and Shivani Singh
BEIJING (Reuters) – China’s Internal Mongolia will finish all cryptocurrency mining tasks and cease reviewing new tasks in industries which devour massive quantities of vitality, comparable to metal, coke and methanol manufacturing, because it makes an attempt to satisfy vitality effectivity targets.
The area was the one one among 30 mainland areas beneath Beijing’s vitality consumption and vitality depth evaluation that failed to satisfy the targets in 2019, drawing criticism from the central authorities in September because of its poor achievement.
Now China’s No.2 coal mining area, a serious vitality client, goals to cap vitality consumption progress at round 5 million tonnes of normal coal equal in 2021, in line with a draft rule issued by the regional state planner.
It additionally plans to chop vitality depth, or the quantity of vitality consumed per unit of financial progress, by 3% from 2020 ranges.
All cryptocrurrency mining tasks – which require large quantities of computing energy and therefore use massive quantities of vitality – will likely be shut down by the top of April this 12 months. Internal Mongolia is a gorgeous “mining” spot alongside Sichuan and Xinjiang because of low electrical energy costs.
Small companies with outdated know-how within the metal, ferroalloy, coke, graphite electrode and coal-fired energy sectors have additionally been given a timetable to shut by the top of 2022.
“(Internal Mongolia) will tighten its vitality management measures and bear the targets all through all financial and social features,” stated the draft rule, including it should strictly curb blind enlargement at companies which devour quite a lot of vitality.
Native governments in China are scrambling to regulate vitality consumption and enhance vitality effectivity after President Xi Jinping pledged to attain carbon neutrality earlier than 2060.
In 2016-2019, vitality depth in Internal Mongolia rose by 9.5% whereas total vitality consumption grew by 65.62 million tonnes.
The area has additionally vowed to extend the share of renewable vitality in its energy portfolio, aiming to put in greater than 100 gigawatts of renewable technology capability by 2025.
China seems to have missed its goal for chopping vitality depth set for 2016-2020, in line with Reuters calculation based mostly on official knowledge.
(Reporting by Muyu Xu and Shivani Singh Enhancing by Kirsten Donovan)