• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 20 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Is Europe heading for winter of discontent with extensive gas shortages?
  • 8 hours Wind droughts
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 11 days How Far Have We Really Gotten With Alternative Energy
  • 20 hours Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 1 day Oil Prices Fall After Fed Raises Rates
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 9 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 20 hours 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
  • 6 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 9 days The Federal Reserve and Money...Aspects which are not widely known

China To End Coal Power Plant Construction Abroad

China will stop building new coal power plants abroad, President Xi Jinping said at this week’s virtual UN meeting.

“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 as quoted by Bloomberg.

The report notes that more than 70 percent of coal power plants built today globally relies on funding from China. This means that Xi’s pledge will reverberate around the world. Yet it will continue building coal power plants at home, the Financial Times noted, reporting that several dozen such projects were announced in just the first half of 2021.

“This is an important development, as China has been one of the biggest financiers of coal infrastructure in developing countries, particularly in Asia,” the FT quoted a climate advocacy representative as saying. However, to really help bring emissions down, China must also stop building new coal capacity at home, Alden Meyer from E3G also said.

A recent study revealed that between 2013 and 2019, some $42 billion was invested in new coal-fired power generation capacity in South Asia and sub-Saharan Africa. Of the total sum, China accounted for 40 percent.

“We continue to see significant investment in coal-fired power generation in countries with high rates of energy poverty,” said Olivia Coldrey, from one of the organizations behind the study, SEforALL. “These countries need affordable, reliable and clean energy to support their socio-economic development and to mitigate climate change. Financing new coal projects is inconsistent with these objectives and holds back the energy transition.”

That may be true, but it was a Chinese government official that said earlier this year that China won’t rush to retire its coal power plants because they provided a reliability of electricity supply that is still out of reach for wind and solar installations.

By Charles Kennedy 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