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Reproduced from IEA; Chart: Axios Visuals

A new International Energy Agency report highlights one big challenge facing China as the world's largest CO2 emitter begins implementing its national emissions trading system: The country's coal fleet is very young.

Why it matters: IEA's analysis this week warns that while newer facilities are far more efficient than older models, the average plant age "potentially locks in large amounts of CO2 emissions" for decades.

  • "More than 88% of CO2 emissions from coal-fired power plants in 2018 came from plants less than 20 years old," they find.

Threat level: The policy recommendations warn that the current design of the trading system’s allotment of emissions permits could hinder its effectiveness (in part due to large surpluses). It also says that eventual expansion of the system beyond coal- and gas-fired power will be important.

The big picture: "Entities can receive surplus allowances for their supercritical and ultra-supercritical [coal] plants, but currently receive no surplus by investing in low-carbon power technologies such as renewables," IEA notes.

  • "This situation may even have the perverse outcome of making the most efficient coal power plant more economically competitive than renewables."

Go deeper

Ben Geman, author of Generate
Oct 7, 2020 - Energy & Environment

Unpacking JPMorgan's new climate plan

Illustration: Sarah Grillo/Axios

JPMorgan Chase said late Tuesday that it will "align its financing activities" with the goals of the Paris Agreement.

Why it matters: JPMorgan is the country's largest bank and, as the Wall Street Journal notes, holds "considerable sway in boardrooms around the globe." It's also the banking sector's largest financier of fossil fuels, per an analysis from several environmental groups of lending and underwriting.

Updated 24 mins ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

40 mins ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.