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☆ China’s climate targets at risk as coal power approvals rose in 2023
▼ + stars: | 2024-02-22 | by ( Story Reuters | ) edition.cnn.com time to read: +2 min

CNN —China, the world’s top carbon polluter, is at risk of falling short on its climate targets after approving dozens of new coal plants, according to research published Thursday. In just two years, the country has approved 218 GW of new coal power, enough to supply electricity to the whole of Brazil. China approved 114 gigawatts (GW) of coal power capacity in 2023, up 10% from a year earlier. China’s total power capacity is already sufficient to meet demand, but its inefficient grid is unable to deliver electricity where it is needed, especially across provincial borders, encouraging more plant construction. “This risks significant financial problems for coal power plant operators and potential pushback against the energy transition,” said Lauri Myllyvirta, CREA’s chief analyst.

Persons: CREA, ”, Lauri Myllyvirta Organizations: CNN, Global Energy Monitor, Research, Energy, Clean Locations: China, Helsinki, Brazil

☆ The Kremlin has never been richer – thanks to a US strategic partner
▼ + stars: | 2024-02-19 | by ( Nick Paton Walsh | Florence Davey-Attlee | ) edition.cnn.com time to read: +9 min

It amounts to US strategic partner New Delhi stepping in to replace crude purchases by Western buyers, reduced by sanctions over Russia’s invasion of Ukraine, the analysis said. The United States led a coalition of countries in late 2022 that agreed to a “price cap,” undertaking not to buy Russian crude above $60 a barrel. Those nations also forbade their shipping companies and insurance firms – key players in global shipping – from facilitating the trade of Russian crude above that price. “The price cap was the real trigger for the creation of the shadow fleet,” said Viktor Katona, head of crude oil analysis at trade research firm Kpler. It will be $150.”India’s complex role in global oil trade is also reflected in the fate of the oil products Russian crude is turned into.

Persons: they’re, ”, David Tannenbaum, Viktor Katona, Tannenbaum, ” Ami Daniel, Vladimir Putin, Howard Shatz, Singh Puri, Rosneft, Daniel, I’m Organizations: CNN, Centre for Research, Energy, Clean, Star, Pole Star, US Treasury, United, Pole Star Global, European Union, RAND, India’s, Petroleum, Natural Gas, CNBC, Nayara, Kremlin Locations: Russia, Ukraine, India, United States, Delhi, Moscow, Laconian Gulf, Greece, Suez, Russian, Kyiv, Vadinar

REUTERS/Yves Herman/File Photo Acquire Licensing RightsDUBAI, Dec 5 (Reuters) - Global carbon dioxide emissions from burning fossil fuels are set to hit a record high this year, exacerbating climate change and fuelling more destructive extreme weather, scientists said. The Global Carbon Budget report, published on Tuesday during the COP28 climate summit, said that overall CO2 emissions, which reached a record high last year, have plateaued in 2023 due to a slight drop from uses of land like deforestation. Countries are expected to emit a total 36.8 billion metric tons of CO2 from fossil fuels in 2023, a 1.1% increase from last year, the report by scientists from more than 90 institutions including the University of Exeter concluded. When land use emissions are included, global CO2 emissions are set to total 40.9 billion tons this year. China produces 31% of global fossil fuel CO2 emissions.

Persons: Yves Herman, India's, Pierre Friedlingstein, Friedlingstein, Kate Abnett, Alexander Smith Organizations: REUTERS, Rights, University of Exeter, 1.5C, IPCC, Research, Energy, Clean, European, Thomson Locations: Dunkirk, France, India, China, Paris, COP28, Helsinki, U.S, European Union, Europe

☆ Global CO2 Emissions From Fossil Fuels to Hit Record High in 2023 -Report
▼ + stars: | 2023-12-04 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +3 min

By Kate AbnettDUBAI (Reuters) - Global carbon dioxide emissions from burning fossil fuels are set to hit a record high this year, exacerbating climate change and fuelling more destructive extreme weather, scientists said. The Global Carbon Budget report, published on Tuesday during the COP28 climate summit, said that overall CO2 emissions, which reached a record high last year, have plateaued in 2023 due to a slight drop from uses of land like deforestation. Countries are expected to emit a total 36.8 billion metric tons of CO2 from fossil fuels in 2023, a 1.1% increase from last year, the report by scientists from more than 90 institutions including the University of Exeter concluded. When land use emissions are included, global CO2 emissions are set to total 40.9 billion tons this year. China produces 31% of global fossil fuel CO2 emissions.

Persons: Kate Abnett DUBAI, India's, Pierre Friedlingstein, Friedlingstein, Kate Abnett, Alexander Smith Organizations: Reuters, University of Exeter, 1.5C, IPCC, Research, Energy, Clean, European Locations: India, China, Paris, COP28, Helsinki, U.S, European Union, Europe

☆ China's carbon emissions set to peak before 2030 - expert poll
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 21 (Reuters) - China is on track to meet a goal to bring its climate-warming carbon dioxide emissions to a peak before 2030, according to a poll of 89 experts from industry and academia published on Tuesday, though questions remain over how high the top will be. More than 70% of respondents said China, the world's biggest carbon dioxide emitter, will be able to meet the target, with two saying its emissions had already peaked, in a poll compiled by the Centre for Research on Energy and Clean Air (CREA), a Helsinki-based think tank. Still, "experts remain concerned about how high the peak emissions would reach compared to previous levels," CREA said, with a majority of respondents expecting the total to be at least 15% higher than the 2020 level. Half of the experts surveyed by CREA said they believed China would reach peak primary energy consumption before the end of this decade, though nearly a quarter still forecast it would continue to rise even after 2035. CREA's lead analyst Lauri Myllyvirta said last week it was likely China's emissions would go into a "structural decline" from next year, with renewable sources capable of meeting new energy demand.

Persons: CREA, CREA's, Lauri Myllyvirta, David Stanway, Sonali Paul Organizations: Centre for Research, Energy, Clean, Dubai, U.S, Thomson Locations: SINGAPORE, China, Helsinki, Beijing

☆ New Delhi air pollution: Why can’t India’s capital clean up its toxic air like Beijing?
▼ + stars: | 2023-11-16 | by ( Rhea Mogul | ) edition.cnn.com time to read: +11 min

“It’s an invisible killer,” said Jyoti Pande Lavakare, author of “Breathing Here is Injurious to Your Health: The Human Cost of Air Pollution” and co-founder of clean air non-profit Care for Air. China’s capital has since cleaned up its act, which begs the question: if Beijing can clean up its toxic air, why can’t India too? A key moment in China’s fightback came in 2013, when the government started to invest billions of dollars into a national air pollution action plan. Hundreds of thousands of lives savedChina’s raft of clean air policies have been so successful, they have saved hundreds of thousands of lives, research has shown. They say Kejriwal’s team has done little in terms of implementing effective policies to clean New Delhi’s air.

Persons: “, ”, Jyoti Pande Lavakare, Arun Sankar, China’s, –, Wang Zhao, China’s fightback, Frank Christian Hammes, IQAir, Sunil Dahiya, Dahiya, Stringer, Arvind Kejriwal, Kejriwal, Virendra Sachdeva, Sanjay Kishan Kaul, Sudhanshu Dhulia, Raj K Raj, “ You’re Organizations: CNN, Health, Pollution, Air, Getty, United, Global, Energy, Institute, University of Chicago, Centre for Research, Clean, Bloomberg, Beijing, Care for Air, Aam Aadmi Party, Bharatiya Janata Party, AAP, Ministry of Environment, Hindustan Times Locations: Delhi, Beijing, India, ”, AFP, United States, China, Swiss, New Delhi, Haryana, Punjab, Uttar Pradesh, New, Indonesia, Malaysia, Care, CREA, IQAir

☆ China emissions could go into 'structural decline' next year - research
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 14 (Reuters) - China's greenhouse emissions could start going into "structural decline" as early as next year as power generation from fossil fuels starts to fall, analysis from the Helsinki-based Centre for Research on Energy and Clean Air (CREA) showed. However, CREA's lead analyst, Lauri Myllyvirta, said emissions could start to go into "structural decline" as early as 2024, despite an estimated rebound of 4.7% year on year in the third quarter of 2023. Factors such as record levels of new renewable installations, a rebound in hydropower generation and a moderate economic recovery that has not relied on infrastructural investment "all but guarantee" a decline in China's CO2 emissions next year, he said. "This would push fossil fuel use - and emissions - into an extended period of structural decline." Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Xie Zhenhua, Lauri Myllyvirta, David Stanway, Gerry Doyle Organizations: Research, Energy, Clean, Carbon, Thomson Locations: SINGAPORE, Helsinki, Dubai

REUTERS/Willy Kurniawan/File Photo/File Photo Acquire Licensing RightsCompanies PT Suralaya Indotenaga FollowSINGAPORE/JAKARTA, Sept 14 (Reuters) - Environmental groups have submitted a formal complaint to the World Bank for providing financial support for two coal-fired power plants in Indonesia, violating a pledge to stop backing fossil fuels. Plans to build two more would emit 250 million tons of climate-warming carbon dioxide into the atmosphere, the groups said a letter to World Bank compliance ombudsman Janine Ferretti. The IFC, the World Bank and Hana Bank Indonesia did not immediately respond to requests to comment. According to the Global Energy Monitor think tank, Indonesia was one of 11 countries to commission new coal plants last year. The JETP compels Indonesia to impose a moratorium on new coal-fired power plants, though there are exemptions for "captive" plants that serve other industrial facilities.

Persons: Willy Kurniawan, Janine Ferretti, CREA, David Stanway, Miral Organizations: Indonesia Power, Plant, REUTERS, World Bank, International Financial Corporation, IFC, Hana, Hana Bank Indonesia, Bank, Inclusive Development, Hana Bank, Research, Energy, Clean, PT, Raya, Global Energy Monitor, Thomson Locations: Suralaya, Banten province, Indonesia, SINGAPORE, JAKARTA, Hana Bank, Asia, U.S, Hana Bank Indonesia, Helsinki, Jakarta, China, India

A Baidu search for the question "should China be more responsible for climate change? ", or variations of it, did not produce any articles critical of China's climate policy in the first few dozen results. Instead, the results, many from state media outlets, focused on China's leadership in the fight against climate change and calls for developed countries to take more responsibility. China's foreign ministry did not immediately respond to a request for comment on this story, but government spokespeople have long defended China's record on climate change and press freedom. Despite the extreme weather, China has reinforced its message about energy security rather than climate change in recent months, said CREA's lead analyst, Lauri Myllyvirta.

Persons: Doksuri, Tingshu Wang, Li Shuo, We're, Su, Fang Kecheng, Pan Zhongdang, Xi Jinping, Li, Lauri Myllyvirta, David Stanway, Barbara Lewis Organizations: REUTERS, Greenpeace, Weibo, Baidu, Chinese University of Hong, Communications, University of Wisconsin, Environmental Studies, New, Centre for Research, Energy, Clean, Thomson Locations: Zhuozhou, Hebei province, China, BEIJING, Beijing, Hebei, Chinese University of Hong Kong, United States, Madison, New York, Shanghai Campus, Shanghai

Washington is seeking to protect U.S. manufacturers from low-cost competitors in China, including those it suspects of using forced labor, which Beijing denies. Both countries say they should be able to collaborate on climate change regardless of other disagreements. After Pelosi's August trip to Taiwan, a democratically-governed island that China claims as part of its territory, Beijing said it would halt all dialogue with Washington on climate change. The two countries only resumed informal climate talks in November at the COP27 summit in Egypt. During Yellen's visit last month, she made a public push to get China to participate in the UN-run funds to help poorer nations address climate change.

Persons: Kerry, John Kerry, Xie Zhenhua, David Sandalow, Biden, Antony Blinken, Janet Yellen, Li Shuo, Nancy Pelosi, Pelosi's, Alden Meyer, Yellen's, Fang Li, Valerie Volcovici, David Stanway, John Stonestreet Organizations: Observers, UN, U.S, Center, Global Energy, Greenpeace, Trump, ., Centre for Research, Energy, Clean, Global Energy Monitor, World Resources Institute, Thomson Locations: COP28 WASHINGTON, United States, China, Beijing, Washington, Paris, Taiwan, U.S, Xinjiang, Egypt, Singapore

☆ Column: Hottest day on record puts fresh focus on top CO2 emitters
▼ + stars: | 2023-07-06 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +4 min

July 6 (Reuters) - The world's largest emitters of carbon dioxide (CO2) and other greenhouse gases are coming under fresh scrutiny after global temperatures averaged 17.01 degrees Celsius (62.62 Fahrenheit) on Monday, the highest ever recorded. PRESSURE POINTSChina, the world's single largest CO2 polluter since 2005, has come under particular scrutiny after the country generated over 30% of global CO2 discharge in 2022, according to the Energy Institute Statistical Review of World Energy. CO2 emissions by key region since 1990India, already the world's third largest CO2 polluter in 2022, is seen increasing total CO2 discharge until 2040, while CO2 emissions in Indonesia - the seventh largest polluter last year - may not peak until 2050. Brazil, number 13 on the CO2 list in 2022, also looks set to keep CO2 discharge totals climbing over the coming years. However, each nation also has aggressive plans for reducing energy sector emissions and lowering reliance on fossil fuels.

Persons: Gavin Maguire, Kim Coghill Organizations: El, Energy Institute, World Energy, Centre for Research, Energy, Clean, Oxford Economics, Reuters, Thomson Locations: South, Southeast Asia, Northern China, North Africa, North America, El Nino, China, Japan, South Korea, United States, Germany, Europe's, North East Asia, South East Asia, India, Indonesia, Brazil, Turkey, Nigeria, Egypt, Mexico, The Philippines

☆ Nvidia is the clear winner in the AI race. Its stock isn't the only reason why.
▼ + stars: | 2023-05-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Last week I asked you all a question in the newsletter — Do you own Nvidia stock? One of you even told me you first bought the stock when Nvidia was $16(!) Nvidia is the clear winner in the AI arms race so far. A secretive hedge fund has likely notched a $5 billion gain on Nvidia stock this year. Shares of the company hovered near their biggest single-day spike ever, and the chipmaker credited AI for its upbeat quarterly outlook.

☆ The West’s oil war against Russia is starting to lose momentum
▼ + stars: | 2023-05-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

"Russia's export revenue in April was down substantially year-on-year, mainly due to the impact of the EU import ban and lower oil prices. Russia's oil revenue recovery expected to continueAt the start of the year, data showed Russia's revenue from fossil fuel exports had collapsed in December. It appeared to underscore the effectiveness of policymakers targeting Russia's oil revenues and sparked calls for even tougher measures to help Kyiv prevail. CREA's latest findings, however, show that Russia's oil tax revenues rose 6% month on month in April due to the increase of export revenues in March. It means that after bottoming out at the start of 2023, Russia's oil tax revenues have since recovered due to increased sales.

Persons: Vladimir Putin's, Lauri Myllyvirta, CREA, Myllyvirta, Vladimir Putin, Vyacheslav Lebedev, Mikhail Klimentyev, Isaac Levi Organizations: Europa Press, Getty, Centre for Research, Energy, Clean, European Union, Seven, Clean Air Energy, Coalition, CNBC, Kremlin, Afp Locations: Ceuta, Spain, Russia, Ukraine, Finnish, Moscow, Hiroshima, Japan, U.S, EU

☆ China's carbon emissions to hit new record in 2023 on economic rebound. But they could peak soon, report says
▼ + stars: | 2023-05-12 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s carbon emissions will likely hit a new record in 2023 on the back of an economic rebound, but a rapid expansion in green energy will enable its emissions to peak soon, a global energy think tank said on Friday. However, the emissions could peak soon, as China has accelerated its clean energy push and installed record amounts of solar and wind power capacity, the analysts pointed out. Coal production surged 11% in 2022 from 2021, according to the National Bureau of Statistics. This will lead to a sharp increase in bank lending and investment, particularly for manufacturing, transportation and energy production, they added. “When low-carbon power growth matches — and then exceeds — the annual increase in electricity demand, the sector’s CO2 emissions will peak,” they said.

☆ 5 ways Russia's been sidestepping Western sanctions and keeping its economy alive, from switching to the Chinese yuan and dabbling in ghost trades
▼ + stars: | 2023-05-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

A fleet of aging oil tankers that do not turn on their tracking signals is suspected of secretly transporting sanctioned Russian oil globally. Russia has also put together a "shadow fleet" of more than 100 oil tankers to skirt the sanctions, the FT reported in December. By August, such gray market sales reached nearly $6.5 billion, said Denis Manturov, the Russian trade and industry minister, according to an Interfax report. Russian oil is still getting into Western countries, thanks to intermediaries. Western nations that banned Russian oil have collectively imported nearly $46 billion worth of Russian oil products, according to a study by the Centre for Research on Energy and Clean Air, or CREA, published in April.

"The reality is that China has more coal power capacity than it needs," said Zhang Shuwei, director at Draworld Energy Research Centre. That's equivalent to about a hundred large coal-fired plants and enough to supply the whole of Britain. China's big jump in coal power approvals has sparked fears that there will be backsliding on its climate goals. Share of coal in China's energy mixAnalysts note existing coal plants could provide sufficient backup for renewables if they were plugged into a nationwide market, but China's power sector remains fragmented. "It would be far cheaper... to incentivise provincial trading than incentivising new loss-making coal," he said.

☆ China's energy transition sees 'staggering' progress on renewables — and a coal power boom
▼ + stars: | 2023-03-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

'A hot, still summer evening is the worry'The International Energy Agency said earlier this month that, while still rising, global carbon emissions may at least be reaching a plateau. Energy-related carbon emissions added less than 1% in 2022 to a new high of more than 36.8 billion tons. Comparatively, global emissions from energy gained by 6% in 2021. "Getting China's emissions to peak has an indispensable role in peaking and declining global emissions — and the success of the overall global effort," said Lauri Myllyvirta, lead analyst at CREA. In 2020, China's Xi announced plans for the world's second-largest economy to strive for peak carbon emissions in 2030 and for carbon neutrality by 2060.watch now

☆ China's new coal plant approvals surge in 2022, highest since 2015 -research
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 27 (Reuters) - China approved the construction of another 106 gigawatts of coal-fired power capacity last year, four times higher than a year earlier and the highest since 2015, driven by energy security considerations, research showed on Monday. Many of the newly approved projects are identified as "supporting" baseload capacity designed to ensure the stability of the power grid and minimise blackout risks, the CREA-GEM report said. However, many are being built in regions which already have a clear capacity surplus, and power supply problems would be better addressed by improving grid reliability and efficiency, the authors said. China suffered a wave of blackouts in September 2021 as a result of coal supply shortages, cutting off thousands of homes and factories. However, renewable power capacity additions have remained at record levels, with solar installations at 87 GW in 2022 and expected to rise further in 2023.

☆ China's new coal plant approvals surged in 2022, highest since 2015, research says
▼ + stars: | 2023-02-27 | by ( ) www.cnbc.com time to read: +1 min

China approved the construction of another 106 gigawatts of coal-fired power capacity last year, four times higher than a year earlier and the highest since 2015, driven by energy security considerations, research showed on Monday. Over the year, 50 GW of coal power capacity went into construction across the country, up by more than half compared to the previous year, the Center for Research on Energy and Clean Air, or CREA, and Global Energy Monitor said. "The speed at which projects progressed through permitting to construction in 2022 was extraordinary, with many projects sprouting up, gaining permits, obtaining financing and breaking ground apparently in a matter of months," said GEM analyst Flora Champenois. Many of the newly approved projects are identified as "supporting" baseload capacity designed to ensure the stability of the power grid and minimize blackout risks, the CREA-GEM report said. However, many are being built in regions which already have a clear capacity surplus, and power supply problems would be better addressed by improving grid reliability and efficiency, the authors said.

☆ China approved equivalent of two new coal plants a week in 2022, report finds
▼ + stars: | 2023-02-27 | by ( Jessie Yeung | ) edition.cnn.com time to read: +4 min

“China continues to be the glaring exception to the ongoing global decline in coal plant development,” said Flora Champenois, a research analyst at GEM. Throughout 2022, China granted permits for 106 gigawatts of capacity across 82 sites, quadruple the capacity approved in 2021 and equal to starting two large coal power plants each week, said the report. To ease the power crunch, coal plants boosted their output, with daily thermal coal consumption hitting a record high in August. It added that for China to truly cut down on carbon emissions, it needs to start phasing out its “vast coal power plant fleet” rather than continue growing it. Besides the plants’ environmental impact, their “politically influential owners … have an interest in protecting their assets,” said the report.

☆ The West’s oil war against Russia is starting to take its toll — sparking calls for tougher measures
▼ + stars: | 2023-01-11 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Russia's revenues from fossil fuel exports collapsed in December, according to a new report, significantly hampering President Vladimir Putin's ability to finance the war in Ukraine. "The EU's oil ban and the oil price cap have finally kicked in and the impact is as significant as expected," Lauri Myllyvirta, lead analyst at CREA, said in a statement. It's essential to lower the price cap to a level that denies taxable oil profits to the Kremlin, and to restrict the remaining oil and gas imports from Russia," Myllyvirta said. The G-7, Australia and the EU implemented a $60-per-barrel price cap on Russian oil on Dec. 5. Together, the measures reflected by far the most significant step to curtail the fossil fuel export revenue that is funding the Kremlin's onslaught in Ukraine.

☆ Russia's windfall from high energy prices in 2022 is 'starting to wear out,' but it's still making $687 million a day despite the EU ban, new research shows
▼ + stars: | 2023-01-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Moscow's oil revenues have taken a hit from the EU's ban on most Russian oil imports and a $60 a barrel price cap, per a Finnish researcher. But Russia is still making $687 million each day from exporting fossil fuels. The CREA recommends the G7 and EU further cut its Russia oil price cap to $25-$35 a barrel. The report — which came about a month after the EU's embargo and the price cap kicked in on December 5 — determined that Russia's losing 160 million euros, or $172 million, each day, thanks to the sanctions. "The price cap coalition has a strong leverage to push down the price caps, said the CREA.

☆ Canada is banning some foreigners from buying property after home prices surged
▼ + stars: | 2023-01-01 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Canada in 2023 is closing its doors to foreign investors who want to purchase homes. A new Canadian law took effect January 1 that essentially bans foreign buyers from buying residential properties as investments for two years. “The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,” said the campaign website of Prime Minister Justin Trudeau’s party this past year. “Canadians purchase vacation and residential properties in many countries, but particularly in the United States,” said the group. “If Canada places a ban on Americans owning property in Canada, we should expect them to respond in kind.”

☆ China's CO2 emissions fall but policies still not aligned with long-term goals
▼ + stars: | 2022-11-21 | by ( David Stanway | ) www.reuters.com time to read: +3 min

SHANGHAI, Nov 21 (Reuters) - China's greenhouse gas emissions have been in decline since last year but could still be some way from their peak, with the country's policies still not fully aligned with long-term goals to limit temperature increases, a survey of Chinese experts said on Monday. Energy consumption, driven by heavy industrial economic growth, was still growing too fast to meet climate goals. Global climate talks ended on Sunday with a commitment to establish a fund to help the most vulnerable nations, but countries failed to reach a consensus on bringing global emissions to a peak by 2025. This month, an annual report by the Global Carbon Project (GBP) estimated that China's emissions would fall by 0.9% in 2022, raising hopes that they have already peaked. "Over the coming years we will see growth (in emissions) coming from China before we see stabilisation and eventually decline."

☆ High interest rates bring winter gloom to Canada's housing market
▼ + stars: | 2022-11-15 | by ( Julie Gordon | Megan Rowling | ) www.reuters.com time to read: +4 min

[1/2] A for sale sign is displayed outside a home in Toronto, Ontario in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File PhotoOTTAWA, Nov 15 (Reuters) - Canada's housing market has gone cold, with buyers sidelined by soaring borrowing costs and sellers holding off listing in hopes of a spring rally, while higher interest rates mean prices need to fall more before any rebound materializes, experts say. "We do have quite a bit of fundamental demand still out there ... but the market just can't clear at current prices because of where interest rates have gone," said Robert Kavcic, senior economist at BMO Capital Markets. Variable rate mortgages - home loans in which the interest rate fluctuates based on market conditions - have more than tripled since March, with strict stress tests making qualification even tougher. "If investors aren't interested in buying condos, the whole market starts to slow down," he said.

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