Green growth in China could see its emissions peak this year, challenges oil growth.

China's rapid growth in renewable energy and electric vehicles (EVs) is starting to impact oil demand and carbon emissions ahead of schedule. The country's emissions may peak this year, six years earlier than expected, due to decreased coal-fired power plant utilization rates and increased renewable energy production. This shift in China's energy landscape is likely to lower global oil demand growth estimates and contribute to a decline in global emissions. The growth of EVs and renewables in China is driven by official targets and falling prices, leading to a decline in oil demand and gasoline consumption. However, tariffs imposed by the United States and the European Union on Chinese solar panels and EVs may hinder the transition to cleaner energy sources. The refining and shipping sectors in China are also experiencing weakness in demand, with lower refining margins and tanker rates. Despite these changes, global crude oil stock levels have remained steady, but analysts expect them to decline later this year. Overall, there is growing evidence that global oil demand growth is reaching its peak due to the expansion of renewables and EVs. [Extracted from the article]