China will stop building new coal-fired power plants abroad, President Xi Jinping said at the virtual UN meeting this week.
“China will increase its support to other developing countries in developing green and low-carbon energy and will not build new coal-fired power plants abroad,” said Xi als quoted by Bloomberg.
The report finds that more than 70 percent of coal-fired power plants built around the world today rely on financing from China. This means that Xi’s promise will echo around the world. Still, it will continue to build coal-fired power plants in its own country, according to the Financial Times noticed, reports that several dozen such projects were announced in the first half of 2021 alone.
“This is an important development since China was one of the largest financiers of coal infrastructure in developing countries, especially in Asia,” the FT quoted a representative of the climate advocate as saying. However, to really cut emissions, China must also stop building new coal capacities at home, said E3G’s Alden Meyer.
One recently to learn announced that around $ 42 billion was invested in new coal-fired power plants in South Asia and Sub-Saharan Africa between 2013 and 2019. China accounted for 40 percent of the total.
“We continue to see significant investments in coal-fired power generation in countries with high levels of energy poverty.” called Olivia Coldrey from one of the organizations behind the study, SEforALL. âThese countries need affordable, reliable and clean energy to support their socio-economic development and to contain climate change. The financing of new coal projects contradicts these goals and slows down the energy transition. “
That may be true, but it was a Chinese government official who said earlier this year that China will not rush its coal-fired power plants because they provide reliable electricity that is still out of reach for wind and solar plants.
By Charles Kennedy for Oilprice.com
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