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China ramped up coal power capacity last year, according to new analysis, despite a pledge to “strictly control” the dirtiest fossil fuel.

The country added 47.4 Gigawatts (GW) of new coal power in 2023, more than double the amount added by the rest of the world combined.

It raises concerns that gains in clean power, including by China, are being undermined by the persistent use of coal, the worst energy form for climate change and air pollution.

Analysts say China may not use all the capacity it has built.

Beijing has promised to reduce coal consumption from 2026, and said its polices align with the international Paris Agreement on climate.

But the surge drove an increase in global coal by 2% last year, the first uptick since 2019, though other countries were responsible too, Global Energy Monitor (GEM) said.

The global rise comes two years after countries promised at the COP26 climate conference in Glasgow to “transition away” from coal.

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GEM said it could just be a “blip”.

But Tina Stege, climate envoy for the Marshall Islands, which are battling rising sea levels, said fossil fuel support is “unacceptable”.

Professor Piers Forster, interim chair of the UK government’s Climate Change Committee, called it “worrying”.

While extra capacity may not end up being used, “without strong regulation and polices that prevent it from being used, 2023 will not be seen as just a blip and future emissions rise will be inevitable”, Prof Forster said.

Does China need more coal power?

China’s coal spree is “very out of line” with a promise made by President Xi in 2021 to “strictly control” new coal power, said Flora Champenois, GEM coal programme director.

It also threatens a Chinese Communist Party target to shut down 30GW of coal power by 2025 – with only 9GW retired in the last few years.

“This coal boom – in terms of new coal plants coming online, new permits being awarded, new construction starting, no signs of a slowdown, no signs of retirement on the horizon – does not align with the commitment to strictly control coal,” Ms Champenois told Sky News.

But the new coal plants do “not necessarily mean that China is going to increase an equivalent scale of CO2 emissions,” said Qi Qin, China analyst for Research on Energy and Clean Air, who also wrote the report.

That’s because China is “increasing its renewable power capacities by [the same] scale too”, she said.

China has recently built more solar power than the rest of the world combined, and is on track to meet a 2030 clean power goal five years early.

The surge is partly fuelled by power shortage fears after a 2022 drought shrivelled water supplies for China’s hydropower.

But it already has more coal power than it needs, said Ms Qin, but a rigid grid system makes it hard for provinces to share power, meaning many are building their own coal plants.

In this photo released by China...s Xinhua News Agency, Chinese President Xi Jinping visits a coal yard of a company that has made efforts to improve the environmental impact of its use of coal in northwestern China...s Shanxi Province, Thursday, Jan. 27, 2022. According to Chinese state media, Xi was paying a visit to the province ahead of the upcoming Lunar New Year holiday. Pic: AP
Image:
Chinese President Xi Jinping visiting a coal yard Pic: Xinhua News Agency,

‘Blip’ or ‘unacceptable’?

Seven other countries added new coal power in 2023 too, GEM found.

Those were Indonesia, India, Vietnam, Japan, Bangladesh, Pakistan, South Korea, Greece, and Zimbabwe.

But GEM also partly blamed the global net increase in coal power on rich countries stalling plant closures amid the energy crisis in 2022.

Marshall Islands climate envoy Tina Stege, said: “We can’t afford blips.”

She told Sky News: “Since the start of the year, my country has been reeling from one climate-induced emergency to another, with flooding from king tides and drought affecting communities throughout the islands.”

Coal power, still the single largest source of emissions globally, must be “phased out as soon as possible” to avoid “catastrophic sea level rise and [save] lives and livelihoods”, she said.

She called it “unacceptable” the world has hardly started on shifting the trillion dollar subsidies for the fossil fuel industry to clean alternatives.

A spokesperson from the Chinese embassy in London said China will go from peaking emissions to carbon neutrality “in the shortest span of time ever in the world”.

“Our climate policies and objectives are fully consistent with the long-term temperature goal of the Paris Agreement.

“Today, close to half of the world’s installed [solar PV] capacity is in China, over half of the world’s new energy vehicles run on roads in China, and one-fourth of the world’s increased area of afforestation is in China.”

They added: “We are also working to cultivate large-scale new growth drivers in green infrastructure, green energy, green transportation and green lifestyle.”

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Music video streamer ROXi lands backing from US broadcasters

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Music video streamer ROXi lands backing from US broadcasters

A music video-streaming service whose shareholders include the U2 bassist Adam Clayton will this week announce that it has sealed a management buyout after months of talks.

Sky News understands that the assets of MagicWorks, which trades as ROXi, have been sold to a new company called FastStream Interactive (FSI), with backing from two major US-based broadcasters.

Sources said that Nasdaq-listed Sinclair and New York Stock Exchange-listed Gray Media were among the new shareholders in FSI, with the launch of new interactive TV Channels in the US expected to take place shortly.

The deal, which has involved raising millions of pounds of new equity from new and existing investors, has resulted in previous creditors of the business being repaid in full, according to the sources.

Its search for funding from the US was seen as vital because of the programme to roll out its FastScreen technology.

Founded in 2014, ROXi described itself as the world’s first ‘made-for-television’ service, allowing viewers to stream millions of songs and download hundreds of thousands of karaoke tracks.

Its broadcast channels allow viewers to skip through content in which they have no interest.

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Simon Cowell, Kylie Minogue and Robbie Williams were among the prominent music industry figures who had previously been named as ROXi investors.

Financiers including Guy Hands and Jim Mellon are said to be part of the new ownership structure.

In response to an enquiry from Sky News, Rob Lewis, FSI chief executive, said: “The new technology, FastStream, will revolutionise broadcast TV.

“For the first time in history, consumers tuning into a normal TV channel will find they automatically start at the beginning of the programme, and that they are able to skip, pause or search, even though they are watching normal broadcast TV”.

Begbies Traynor Group, the professional services firm, and Rockefeller Capital Management advised on the process.

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Concierge firm founded by Queen’s nephew hunts buyer

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Concierge firm founded by Queen's nephew hunts buyer

Quintessentially, the luxury concierge service founded by the Queen’s nephew, is in talks to find a buyer months after it warned of “material uncertainty” over its future.

Sky News has learned that the company, which was set up by Sir Ben Elliot and his business partners in 1999, is working with advisers on a process aimed at finding a new owner or investors.

City sources said this weekend that Quintessentially was already in discussions with prospective buyers and was anticipating receipt of a number of firm offers.

Sir Ben, the former Conservative Party co-chairman under Boris Johnson, owns a significant minority stake in the company.

The Quintessentially group operates a number of businesses, although its core activity remains the provision of lifestyle support to high net worth individuals including celebrities, royalty, and leading businesspeople.

It also counts major companies among its clients and offers services such as organising private jet flights and performances by top musicians.

The sale process is being overseen by a firm called Beyond, although further details, including the price that the business might fetch, were unclear on Saturday.

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One insider said parties who had been contacted by Beyond were being offered the option to buy a controlling interest in Quintessentially.

This could be implemented through a combination of the repayment of outstanding loans, an injection of new funding into the business, and the purchase of existing shareholders’ interests, they added.

Quintessentially’s founders, including Sir Ben, are thought to be keen to retain an equity interest in the company after any deal.

In January 2022, newspaper reports suggested that Quintessentially had been put up for sale with a valuation of £140m.

Deloitte, the accountancy firm, was charged with finding a buyer at the time but a transaction failed to materialise.

Sir Ben, who was knighted in Mr Johnson’s resignation honours list, turned to one of Quintessentially’s shareholders for financial support during the pandemic.

World Fuel Services, an energy and aviation services company, is owed £15.5m as well as £3.5m in accrued interest, according to one person close to the process.

The loan is said to include a warrant to convert it into equity upon repayment.

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Quintessentially does not disclose the number or identities of many of its clients, although it said in annual accounts filed at Companies House in January that it had increased turnover to £29.6m in the year to 30 April 2024.

The accounts suggested the company was seeing growth in demand from clients internationally.

“During the last year, we have not only renewed important corporate contracts like Mastercard, but have also expanded by adding new corporate clients like Swiss4 in the UK, R360 in India, and Visa in the Middle East and South America,” they said.

In its experiences and events division, it won a contract to work with the Red Sea Film Festival and to provide corporate concierge services to the Saudi Premier League.

It added that Allianz, the German insurer, BMW, and South African lender Standard Bank were among other clients with which it had signed contracts.

The accounts included the warning of a “risk that the pace and level at which business returns could be materially less than forecast, requiring the group and company to obtain external funding which may not be forthcoming and therefore this creates material uncertainty that may cast ultimately cast doubt about the … ability to continue as a going concern”.

This weekend, a Quintessentially spokesman declined to comment on the sale process.

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Superstar Adele joins backers of music royalties platform Audoo

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Superstar Adele joins backers of music royalties platform Audoo

Adele, the Grammy award-winning artist, has joined the list of music superstars investing in Audoo, a music technology company which helps artists to receive fairer royalty payments.

Sky News has learnt that the British musician and Adam Clayton, the U2 bassist, have injected money into Audoo as part of a £7m funding round.

The pair join Sir Elton John, Sir Paul McCartney and ABBA’s Bjorn Ulvaeus as shareholders in the company.

Changes to Audoo’s share register were filed at Companies House in recent days.

Audoo, which was established by former musician Ryan Edwards, is trying to address the perennial issue of public performance royalties, in order to ensure musicians are rewarded when their work is played in public venues.

Mr Edwards is reported to have been motivated to set up the company after hearing his own music played at football stadia and in bars, without any payment for it.

Estimates suggest that artists lose out on billions of dollars of unaccounted royalties each year.

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London-based Audoo uses a monitoring device – which it calls an Audio Meter – to recognise songs played in public venues, and which is said to have a 99% success rate.

It has struck what it describes as industry-first partnerships with organisations including the music licensing company PPL/PRS to track and report songs played in public performance locations such as cafes, hair salons, shops and gyms.

“At Audoo, we’re incredibly proud of the continued support we’re receiving as we work to make music royalties fairer and more transparent for artists and rights-holders around the world through our pioneering technology,” Mr Edwards told Sky News in a statement on Friday.

“We have successfully reached £7m in our latest funding round.

“This funding marks a pivotal moment for Audoo as we focus on our growth in North America and across Europe, bringing us closer to our mission of revolutionising the global royalty landscape.”

Sources said the new capital would be used partly to finance Audoo’s growth in the US.

The latest funding round takes the total amount of money raised by the company since its launch to more than $30m.

Mr Edwards has spoken of his desire to establish a major presence in Europe and the US because of their status as the world’s biggest recorded music markets.

Adele’s management company did not respond to an enquiry from Sky News.

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