China will actively expand the use of geothermal energy as the world's biggest energy consumer seeks to adopt cleaner power sources for heating.
Vice Premier Zhang Guoqing told a conference on Friday,
In a statement by Reuters, Zhang said that China will also increase the scale of wind and solar power projects while safely advancing nuclear power plant construction.
Sinopec plans to add 75 million square metres of geothermal heating area to reach a target of 160 million square metres by the end of 2025, Ma Yongsheng, chairman of state-owned refiner Sinopec, said at the same conference.
The company already has a geothermal capacity of over 85 million square metres after 11 years of development, added Ma.
Clean power sources in northern China, including geothermal, have contributed to improving air quality, said Zhang Jianhua, Director of the National Energy Administration of China.
China's National Energy Administration has proposed increasing the geothermal heating-cooling area by 50 per cent in the next five years from 2020 and doubling the geothermal power generation capacity.
The Central Bank of the UAE (CBUAE) has decided to cut the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points, from 4.15 per cent to 3.90 per cent, effective from Thursday, October 30.
Syrian President Ahmed Al-Sharaa announced that the country has attracted approximately $28 billion in investments during the first six months of this year, highlighting significant participation from companies based in the UAE, Saudi Arabia, and Qatar.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has emphasised the UAE's commitment to strengthening economic ties with African nations.
Microsoft and OpenAI reached a deal to allow the ChatGPT maker to restructure itself into a public benefit corporation, valuing OpenAI at $500 billion and giving it more freedom in its business operations.
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Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.