London (CNN Business)Global carbon dioxide emissions are set to surge dangerously this year as the global economy undergoes a huge recovery.

In a new report, the International Energy Agency estimates that carbon emissions from energy use are on track to spike by 1.5 billion tonnes in 2021, as heavy coal consumption in Asia, and in China in particular, outweighs rapid growth in renewable sources. That would be the second largest annual increase in energy-related emissions in history.

"This is a dire warning that the economic recovery from the Covid crisis is currently anything but sustainable for our climate," Executive Director Fatih Birol said in a statement. "Unless governments around the world move rapidly to start cutting emissions, we are likely to face an even worse situation in 2022."

The Paris-based group is sounding the alarm before 40 world leaders come together later this week for a two-day summit on the climate crisis convened by President Joe Biden. Birol called it a "critical moment to commit to clear and immediate action."

As countries around the world locked down last year and people were instructed to stay at home to limit Covid-19 infections, emissions fell dramatically.

But any climate benefit from the pandemic looks poised to be short-lived. The IEA estimates that global energy demand will rise by 4.6% in 2021 and exceed 2019 levels, fed by rising energy use in developing economies and emerging markets.

Energy-related emissions are expected to end the year just below where they stood in 2019, reversing 80% of the decline seen in 2020.

A resurgence in the use of coal is of particular concern, with demand expected to approach its 2014 peak this year.

China is expected to account for 50% of global demand growth for coal. Use in the United States and Europe is also rising but is expected to stay "well below pre-crisis levels."

Earlier this week, United Nations Secretary-General António Guterres called for developed countries to phase out the use of coal by 2030, and for an end to the construction of new coal-fired power plants.

Electricity demand, meanwhile, is projected to see its fastest growth in more than a decade.

But there's some good news: More than half of the increase in global electricity supply will come from renewable sources in 2021, driven in part by growing solar and wind energy output from China.

The IEA's estimates are subject to "major uncertainty" given the lack of clarity on the trajectory of Covid-19 infections and vaccinations. If travel recovers sooner than expected, for example, energy demand will increase even further.

Turquoise Hill Resources Ltd. (“Turquoise Hill” or the “Company”) today announced first quarter

2021 production for Oyu Tolgoi LLC (“Oyu Tolgoi”) and provided an update on the Oyu Tolgoi mine.

Q1 2021 highlights

 In Q1 2021, the mining of Phase 4b and Phase 6b moved deeper into the higher grade ore

zone, resulting in a planned increase in head grades:

o Copper production of 45,449 tonnes, an increase of 29% vs Q1 2020 and of 9% vs

Q4 2020; and

o Gold production of 145,656 ounces, an increase of 457% vs Q1 2020 and of 66% vs

Q4 2020

 Q1 2021 mill throughput of 9.81 million tonnes was 10% lower vs Q1 2020 due to overall

harder ore. Mill throughput was 2% higher than Q4 2020 due to the impact of scheduled mill

maintenance in Q4 2020.

 Access to higher copper and gold grades in Q1 2021 is expected to continue through the

remainder of the year.

Force Majeure

On March 30, 2021, Oyu Tolgoi declared force majeure in connection with customer contracts for

concentrate. Shipments of concentrate to its Chinese customers were suspended due to COVID-19

health and safety precautions related to Chinese-Mongolian border crossings. Oyu Tolgoi partially

resumed its cross-border concentrate shipments into China on April 15, 2021, and is evaluating

multiple contingencies to address the force majeure situation, including an alternative shipping route

via Ulaanbaatar.

COVID-19 Update

Following the previously announced two confirmed cases of COVID-19 at site and a corresponding

halt to underground work in March 2021, Oyu Tolgoi has carefully managed the situation, including

through widespread testing and implementation of a quarantine period.

Accordingly, underground work has progressively resumed and continued to ramp-up as personnel

return to site following the quarantine period and resumption of flights to site.

The COVID-19 situation in Mongolia remains fragile and subject to rapid change. Oyu Tolgoi is

constantly adapting to the changing circumstances to prioritize the health and safety of its

employees. The Company continues to work with Oyu Tolgoi and Rio Tinto to monitor closely any

impacts of this ever-changing situation on current operations and the underground development.

Negotiations with the Government of Mongolia

Turquoise Hill and Rio Tinto have been in Ulaanbaatar since March to discuss with the Government

of Mongolia a path forward to address outstanding issues that the Government of Mongolia has with

respect to the Oyu Tolgoi underground development project including in relation to Parliamentary

Resolution 92. Turquoise Hill remains committed to its presence in Mongolia and, in all discussions

with Rio Tinto and the Government of Mongolia, is focused on maximizing value for all stakeholders

including finding solutions that benefit the people of Mongolia in a meaningful way.

Underground Development

Oyu Tolgoi is progressing as planned in relation to the technical criteria for commencement of the

undercut. Regulatory approvals by the Government of Mongolia are still pending and are critical

elements to proceed with the decision to commence the undercut. The Company will update the

market on the status of the regulatory approvals and the undercut decision in the coming weeks.

Oyu Tolgoi Tax Assessment

In February 2021, Oyu Tolgoi received notices of payment totalling $230 million relating to amounts

disputed under an audit on taxes imposed and paid by Oyu Tolgoi between 2016 and 2018.

In March 2021, Oyu Tolgoi received notices of payment totalling $126 million relating to amounts

disputed under an audit on taxes imposed and paid by Oyu Tolgoi between 2013 and 2015.

Under the applicable Mongolian tax law, the amounts were due and paid by Oyu Tolgoi.

Notwithstanding, Oyu Tolgoi continues to dispute the amounts through a formal international

arbitration proceeding and the Company remains of the opinion that Oyu Tolgoi has paid all taxes

and charges required.

April 20 (Xinhua) -- The COVID-19 cases in Mongolia rose by 1,311 in the last 24 hours to 24,195, with the death toll rising by two to 57, the country's National Center for Communicable Diseases (NCCD) said Tuesday.

The latest confirmed cases were locally transmitted, and most of them were detected in the country's capital Ulan Bator, which is hardest hit by the COVID-19, the NCCD said in a statement.

Meanwhile, 459 more people were discharged from hospitals, bringing the total number of recoveries in the country to 12,860, it said.

Mongolia's COVID-19 surge continues, and in recent days, around or more than 1,000 COVID-19 infections have been reported daily in the country, mostly in Ulan Bator, which is home to over half of the country's population of 3.3 million.

The virus has spread to Ulan Bator and 19 of all the 21 provinces of the country.

A full nationwide lockdown, aimed at curbing the steep surge in local COVID-19 cases, took effect on April 10 and will last until April 25.

The Asian country reported its first imported COVID-19 case in March 2020 and confirmed its first locally transmitted cases in November. Enditem

April 19 (Xinhua) -- The Asian Development Bank (ADB) has launched a bond market guide for Mongolia, the bank's office in the country said Monday.

The creation of a regulatory framework for corporate debt securities for private placements is key to developing Mongolia's bond market, according to a new report of the ADB.

"The development of local currency bond markets is important, but even more so for countries looking to boost their recovery from the COVID-19 pandemic. Developed bond markets can support infrastructure finance, which is critical for emerging Asian economies to ensure further economic development," said the report, Bond Market Guide for Mongolia.

The publication provides comprehensive information about Mongolia's local currency bond market.

Mongolia has participated actively in the ASEAN+3 Bond Market Forum since 2019, alongside the Association of Southeast Asian Nations (ASEAN), China, Japan and South Korea.

"ADB has been developing the ASEAN+3 Bond Market Guide series to share the experience and knowledge accumulated under the Asian Bond Markets Initiative (ABMI)," said Joseph Ernest Zveglich Jr, ADB deputy chief economist. "Bond Market Guide for Mongolia was published as part of this series. We hope it will contribute to a better understanding of Mongolia's local currency bond market and to its further development."

The ASEAN+3 Bond Market Guides are produced in close consultation with local policymakers and market participants. Their purpose is to help bond market issuers, investors, and financial intermediaries understand local contexts and to encourage greater participation in the region's rapidly developing bond markets. Enditem

H.E. Mrs. B. Battsetseg, Minister for Foreign Affairs of Mongolia, had a telephone conversation with H.E. Mr. Antony Blinken, United States Secretary of State, on April 20, 2021.

The two sides have expressed their shared views on the active expansion and development of the Mongolia-American relations and cooperation within the framework of the Strategic Partnership and reaffirmed their commitment to further deepen and strengthen the ties.

Minister B. Battsetseg expressed content over the bilateral cooperation between the countries, as well as appreciation and gratitude for United States’ continued support to the partnership. The Foreign Minister also informed of the recent entry into force of the MCC Second compact.

Recalling the accompanying of the then Vice President J. Biden on his visit to Mongolia 10 years ago, Secretary A. Blinken expressed his commitment to strengthening bilateral as well as multilateral cooperation with Mongolia and commended Mongolia’s efforts towards ensuring peace, security, and development.

The Foreign Minister and the State Secretary exchanged views on the current conditions and cooperation during the Covid-19 pandemic.

Ministry of Foreign Affairs

President of Mongolia Khaltmaagiin Battulga informed the public on April 19 that he issued an ordinance on disbanding the Mongolian People’s Party, the ruling power. The ordinance has been forwarded to the State Supreme Court.

The ordinance reads:

“One. The ruling Mongolian People’s Party has violated the constitutional requirement for political parties to “maintain security of the government and comply with the rule of law.” The Party has unlawfully transferred the constitutionally-proclaimed state-oriented governance system to a party-oriented governance system by subverting the government bodies that are required to abide by the law and to operate in an independent manner, for they are united under the responsibility to protect the national fundamental interests, and by turning the public service into a structure that illegally and obediently fulfills the tasks assigned by the leaders of the Mongolian People’s Party.

The Party’s actions do not comply with the Constitution of Mongolia and the Law on Political Parties, for they deny the interests of its ordinary members and supporters, eradicate the rule of law, undermine the Constitution, the very foundation of the country’s independence, fracture the national unity. The Party attempted to take over the state power by unconstitutional means and furthermore, to militarize the Party’s local offices and local governors, who are responsible for the functions of public administration.

On the basis of the above-mentioned motives and in accordance with Sections 1 and 2 of Article 3, Paragraph 10 of Article 16, Section 1 of Article 19, Section 1 of Article 30, Section 2 of Article 32, Paragraph 10, Section 1 of Article 33, Section 2 of Article 33, and Section 1 of Article 70 of the Constitution, Section 4.2 of Article 4 of the Law on Political Parties, Articles 3,4 and 6, and Section 8 of Article 8 of the Law on National Security, Section 3.3 titled “Internal Security” of the National Security Concept, which stipulates that “the foundation of internal security shall rest on ensuring human rights and freedoms, adherence to the Constitution, respect for the rule of law, continuity of the Mongolian state governance and national unity, support for political parties, civil society, free press and media, individual liberties as well as safeguarding public order and social stability,” and Paragraphs 3.3.1, 3.3.1.1, 3.3.1.3, 3.3.1.6, 3.3.3.3, 3.3.3.4, 3.3.4.4 of the National Security Concept, I hereby issue an ordinance, declaring the concurrence of conditions to disband the Mongolian People’s Party.

Two. I hereby announce to the people of Mongolia that the following facts attest to the Mongolian People’s Party’s violation of Article 4 of the Law on Political Parties, and Article 23 of the said law that provides “the Supreme Court shall disband and unregister a political party in accordance with the 23.1 of this law in case the party in question has undermined authority and independence of Mongolia, violated the national unity, taken power over the state by unconstitutional means, and/or transformed into an authoritative and militarized structure”:

The unconscionable and illegal oppression by the Mongolian People’s Party jeopardizes the Constitution of Mongolia, the very foundation of Mongolia’s integrity, independence, and freedom of the people, and threatens democracy, national security, and safety of the people of Mongolia. The Party has made the Constitutional Court, whose sole responsibility is to protect and maintain the rule of the Constitution, unworthy of the people’s confidence and recognition.

The Cabinet, responsible for the nationwide management of implementation of the Constitution of Mongolia and other laws, was ousted within a day upon a decision taken by the Mongolian People’s Party.

Two of the members of the National Security Council have become incapable of carrying out their duties as members of the Council without the consent of the Mongolian People’s Party. In consequence, the National Security Council has not convened since the beginning of 2021.

The leader of the Mongolian People’s Party, while he had been in office as the head of the Cabinet of Mongolia, undertook actions through the State Registration Office, a government implementing agency, to disunify the Democratic Party, the opposition within the Parliament that has been formed through the will of the people, which leads to the disruption of the national unity.

The fact that the Party’s chairman U.Khurelsukh, himself has founded an organization called “Mongolian Military Union” parallel to the Party and has arranged for the organization to have a branch at each Military Staff of local administrations, is a proof that the Party has adopted a militarized structure. This is also a cause of suspicion that the Party is at risk of executing military actions through the organization in question.

The politically-motivated activities of the Mongolian People’s Party have completely subverted the Constitutionally-established state administration and accountability system. The party has also been exploiting the global COVID-19 pandemic situations for its political ends.

Three. I hereby call upon the ordinary members of the Mongolian People’s Party to stay clear of any influence or provocation, and instead, to be cognizant of the fact that as Mongolians, we have a united country, statehood and history, and respect the security and prosperity of our nation.

Four. I hereby remind all civil servants to regard this historic event that is putting an end to the disgraceful oppression by the ruling Party with great attentiveness and responsibility, while cherishing and protecting the Constitution and abiding by the law.

Five. I hereby call upon the people of Mongolia to uphold the national unity and regard the decision and action of the President of Mongolia, while bearing in mind the core interests of our country.

Six. I hereby call upon the State Great Khural, the highest organ of state power, to exercise accountability and stability, and each member of parliament to remember their role as the emissary of the people, and remind the parliament and its members to fulfill their duties with honor.

Seven. The ordinance by the President of Mongolia on disbanding the Mongolian People’s Party shall be forwarded to the State Supreme Court.

Source: The Office of the President of Mongolia

At its meeting on March 10, the Cabinet tasked corresponding officials to ensure preparations to open air border from May 1. In connection with it, the Civil Aviation Authority reported that it transferred the operation of charter flights into a normal mode.

A total of 16 flights will be operated next month in line with the capacity of isolation facilities according to a directive given by the State Emergency Commission. These are:

May 1

Tokyo– Ulaanbaatar

MIAT Mongolian Airlines

142 /transit passengers/

May 1

Seoul-Ulaanbaatar

Asiana Airlines

276

May 5

Seoul-Ulaanbaatar

MIAT Mongolian Airlines

162 /transit passengers/

May 7

Seoul-Ulaanbaatar

MIAT Mongolian Airlines

162

May 11

Seoul-Ulaanbaatar

Korean Air

270

May 13

Seoul-Ulaanbaatar

MIAT Mongolian Airlines

162

May 14

Frankfurt-Ulaanbaatar

MIAT Mongolian Airlines

162 /transit passengers from European countries/

May 15

Busan-Ulaanbaatar-Seoul

Air Busan

160

May 15

Tokyo-Ulaanbaatar

MIAT Mongolian Airlines

142 /transit passengers/

May 19

Seoul-Ulaanbaatar

MIAT Mongolian Airlines

162

May 21

Seoul-Ulaanbaatar

MIAT Mongolian Airlines

162 /transit passengers/

May 26

Tokyo-Ulaanbaatar

MIAT Mongolian Airlines

142 /transit passengers/

May 26

Frankfurt-Ulaanbaatar

MIAT Mongolian Airlines

162 /transit passengers from European countries

May 27

Seoul-Ulaanbaatar

Korean Air

270

May 28

Istanbul-Ulaanbaatar

Turkish Airlines

280

May 29

Seoul-Ulaanbaatar

MIAT Mongolian Airlines

162

Turquoise Hill Resources said on Tuesday the Oyu Tolgoi mine in Mongolia had partially resumed shipments to China, after the Canadian miner declared force majeure on some Chinese contracts last month due to COVID-19-led curbs.

The company is evaluating multiple contingencies, including an alternative shipping route via Mongolia’s capital city of Ulaanbaatar, to deal with the force majeure, which refers to unexpected external factors that prevent a party from meeting contract obligations.

Turquoise Hill’s force majeure was related to coronavirus-related restrictions at the Chinese-Mongolian border crossing. The company partially resumed shipments to China on April 15.

Oyu Tolgoi, the world’s largest copper-gold-silver mine, was already at the center of a protracted dispute between Turquoise and its top shareholder, Rio Tinto, over funding for the underground expansion of the mine.

Turquoise said that it continues to be in talks with Rio Tinto and the government of Mongolia, after reaching a binding agreement over the funding spat two weeks earlier.

Rio owns 51% of Turquoise Hill, which owns 66% of the Oyu Tolgoi mine. The rest of the mine is owned by the government of Mongolia.

(By Rithika Krishna; Editing by Devika Syamnath)

In the framework of the Financing Agreement signed by The Government of Mongolia with the European Union on the 'Budget Support Employment reform in Mongolia,' the first Coordination Committee meeting has been organized by the Ministry of Finance and Ministry of Labour and Social Protection for an online meeting.

The meeting was chaired by A.Ariunzaya, Minister of Labor and Social Welfare, and co-chaired by Traian Hristea, Ambassador of the European Union to Mongolia.

In her opening remarks, Minister of Labor and Social Welfare A.Ariunzaya thanked the European Union team for implementing the Budget Support with a grant agreement.

It was noted that the objectives of this project are closely related to the strategic goals of the Government of Mongolia to support the employment of the population, including youth, women and people with disabilities. Minister Ariunzaya also mentioned that reforms are planned in the field of vocational education and employment sectors. She expressed the readiness to support and cooperate in the implementation of the objectives of the European Union Budget Support programme.

His Excellency, Mr Traian Hristea, the European Union Ambassador to Mongolia said: “All around the world the pandemic has impacted negatively on human and economic development. The consequences of the crisis have been severe to people, business owners and Governments, to all of us. During this time, the European Union made a significant effort to support our partner Mongolia with additional funds through our Budget Support. The Government of Mongolia received EUR 16M (MNT 53 billion) in October 2020 as the first disbursement of the Budget Support in Mongolia. The European Union will continue to support the Government of Mongolia to effectively mitigate the health and economic impacts of the COVID-19 pandemic.”

During the meeting of the Coordination Committee, B.Battsetseg, Head of the Employment Policy Implementation Coordination Department of the Ministry of Labor and Social Welfare, and relevant officials of the Ministry of Finance provided status updates on the progress of the reforms as well as progress on the performance indicators of the Budget Support programme.

The meeting was attended by officials from the Ministry of Labor and Social Welfare, the Ministry of Finance and the European Union Delegation to Mongolia.

EU Delegation to Mongolia

New York (CNN)A consensus appears to be taking root in Corporate America: What's good for the environment can also be good for business.

As President Joe Biden prepares to bring 40 world leaders together for a two-day climate summit this week, big businesses have been amplifying their sustainability initiatives and making trillion-dollar pledges to fight climate change. Meanwhile, consumers are increasingly concerned about business' carbon footprints, and companies are feeling the pressure and urgency to act.

Ahead of Earth Day and Biden's climate summit, CNN Business rounded up the latest news from Corporate America's environmental enlightenment.

JPMorgan's $2.5 trillion commitment

JPMorgan Chase (JPM) is putting serious firepower behind the fight against climage change. The bank on Thursday said it would finance or facilitate investments of $2.5 trillion over 10 years to support initiatives that focus on combating climate change and enhancing sustainable development. Some of the efforts will center around renewable energy, new clean technology, waste management and conservation. The announcement is the latest addition to a long list of environment-focused pledges from financial institutions, but it's believed to be the largest of its kind by a major bank.

Google Earth shows the effect of climate change

A new Google Earth feature gives viewers a sobering look at how much climate change and human behavior have damaged the planet during the past four decades. The feature, called Timelapse, turns the platform's still images into a 4D experience. Clicking through reveals moving pictures of melting ice caps, receding glaciers, massive urban growth and devastation from wildfires from 1984 to today.

Mastercard's carbon calculator

Mastercard (MA) created a calculator that measures consumers' carbon footprints based on what they purchase. The tool focuses on specific spending categories but doesn't track individual transactions. It also shares information about the number of trees that are required to absorb the same amount of carbon dioxide that is released from the consumer's purchases in specific categories.

Nike wants to resell your shoes

In an effort to reduce waste, Nike (NKE) is asking customers to bring in sneakers that are gently worn or have manufacturing flaws. After cleaning and sanitizing the shoes, the company plans to resell them at select stores at a reduced price. Nike said it's currently selling the returned shoes in eight Nike stores in the United States, and it plans to expand to 15 locations by the end of April and several more by the end of the year.

Wells Fargo aims for net-zero emissions

Wells Fargo announced its goal of hitting net-zero greenhouse gas emissions — including from the companies and projects it finances — by 2050. And while 2050 is far away, the announcement is a big step for Wells Fargo (CBEAX), which has long been a major backer of oil, natural gas and coal projects that climate activists warn threaten the planet.

Volvo goes fully electric

Volvo announced that by 2030, it will sell only electric cars, and only online. The company hopes to have electric cars make up half of its sales in 2025, and hybrid cars will make up the other half of sales.

GM aims to sell emission-free cars

General Motors, the largest automaker in the United States by sales, plans to be completely carbon neutral by 2040, and it hopes to offer only zero-emission cars by 2035. The company plans to reach the goal by transitioning to battery-powered electric vehicles or other zero-emission technologies. The move will require a $27 billion investment