China has been facing long blackout hours due to the electricity shortfall primarily attributed to coal shortages. about two-thirds of China's energy is generated from the coal-fired plants
As a result, China might look to import coal from nations like Europe and India which have abundant quantities of coal since it is impossible to raise domestic output at a short notice
However recently at the UN session, China had stated that it would stop financing and supporting coal-fired power plants in the country and in foreign nations
China’s President Xi Jinping announced in late 2020 at a United Nations summit on climate change that the country would cut its carbon dioxide emissions per unit of gross domestic product, or carbon intensity, by more than 65% from 2005 levels by 2030.
As the world’s top producer of carbon dioxide and other polluting gases, China’s ability to cut emissions is seen as critical in the global fight against climate change
Recent energy crisis has led to an upsurge in the per barrel price of crude oil
Refusal to import coal from Australia has resulted in several companies to shut down operations temporarily to cut down losses