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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 5 hours ago - World

Death toll mounts as fighting between Israel and Hamas intensifies

Palestinian Muslims exchange wishes for Eid al-Fitr, marking the end of the holy month of Ramadan, near a razed building in the northern Gaza Strip town of Beit Lahia, on May 13. Photo: Majdi Fathi/NurPhoto via Getty Images

At least 109 Palestinians and seven people in Israel have been killed since recent fighting between Israel's military and Hamas began Monday.

The big picture: Israel began massing troops on its border with Gaza on Thursday, launching attacks from the air and ground as Hamas continued to fire rockets into Israel.

By the numbers: Where the earmarks are wanted

Expand chart
Data: House Committee on Appropriations; Chart: Danielle Alberti/Axios

The Dallas-Fort Worth area is being targeted for the largest collective earmark request in the country, according to a detailed breakdown of overall requests released by the House Appropriations Committee.

Why it matters: House appropriators are trying to balance bipartisan momentum for infrastructure investment with "pork-barrel" spending's checkered political history. The data dump is an effort to provide transparency for what are now termed "community project funding" requests.