• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 10 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 8 days Energy Armageddon
  • 5 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 5 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 4 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days The Federal Reserve and Money...Aspects which are not widely known
  • 5 days Goldman Betting on Cryptocurrencies
  • 8 days Сryptocurrency predictions
  • 13 days Putin and Xi Bet on the Global South
Canadian Banks Slammed For Continued Fossil Fuel Investments

Canadian Banks Slammed For Continued Fossil Fuel Investments

Investors are levying strong critiques…

Are Oil And Gas Lobbyists Influencing The COP Summits?

Are Oil And Gas Lobbyists Influencing The COP Summits?

Environmentalists fear that the next…

14 Coal Plants Have Come Online Since China Vowed To Pull Overseas Support

A total of 14 coal-fired plants with Chinese backing have entered into operation in the world, mostly in Asia, since China pledged to end support for coal capacity construction overseas at this time last year, a new report from the Center for Research on Energy and Clean Air (CREA) showed.   

Last year in September, Chinese President Xi Jinping said at the 2021 UN general assembly that China would stop building new coal power plants abroad.  

“China will step up support for other developing countries in developing green and low-carbon energy, and will not build new coal-fired power projects abroad,” Xi said, without specifying what would happen to the coal plants under construction or planning.

At the time of the announcement, 104 coal plants of a total of 102 gigawatts (GW) in 26 countries were planned, considered, or in construction under either Chinese financing or engineering, procurement and construction (EPCs) agreements, CREA and its partner in the report, People of Asia for Climate Solutions, said.

“While more than 13% of these projects have already been completed, the potential for China’s ban to stop new coal and avoid additional carbon emissions from the pipeline remains enormous,” the organizations said.

Yet, it’s now too late for 7.6 GW or 14 plants, which have already entered into operation over the past year. Another 27 plants with 23 GW capacity are near completion, and they will likely enter into operation. A total of 26 plants have been officially canceled, 33 coal plants could be canceled or stopped because these projects are still in the process of securing financing or permits, the report found. Sixteen others could be converted to renewables, according to CREA.

Domestically, China has put more emphasis on energy security since the autumn of 2021 and said it would continue to maximize the use of coal in the coming years as it caters to its energy security, despite pledges to contribute to global efforts to reduce emissions. China, the world’s largest coal consumer, has domestic reserves of coal to last the next 50 years, data from the Ministry of Natural Resources showed earlier this week.

By Tsvetana Paraskova for Oilprice.com

More Top Reads from Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News