China will stop building coal-fired power projects in other countries, President Xi Jinping said yesterday in an announcement expected to accelerate the global shift from fossil fuels.
A pledge made at the United Nations General Assembly in New York is reversing economic policies that have encouraged other developed countries to build coal-fired power plants outside their borders, often in poor and climate-sensitive energy-deficient countries. When it comes out changes. China’s move masks similar decisions by South Korea and Group of Seven’s top coal lenders (Climatewire, June 14th).
Yesterday’s announcement lacked important details such as when it would begin, but it did not prevent Xi’s remarks from being optimistic among observers.
“The end of China’s finances could facilitate the cancellation of pipeline projects exceeding 40 gigawatts in 20 countries, which is equivalent to the current German coal fleet,” said EU-China, an E3G think tank. Verinda Schepe, a climate diplomatic study, said. Email.
Yan Qin, Senior Analyst at Refinitiv, said: Tweet The announcement will send a strong message that China’s leadership is serious about fulfilling its commitment to “energically control” its emissions.
Kevin Gallagher, director of the Center for Global Development Policy at Boston University, said:
According to a study he co-authored, more than 80% of global funding for coal projects came from private capital outside of China.
China’s announcement masked a strong statement by other world leaders at the General Assembly focused on agitating the global urgency of climate change.
President Biden has announced that the United States will quadruple its international climate funding to $ 11.4 billion by 2024 to help developing countries dodge the worst effects of global warming.
“This will make the United States a leader in public climate finance,” he said.
Joe Biden, a global climate finance expert at the World Resources Institute, said the United States is likely to be the world’s largest contributor to climate projects if Biden can fulfill his promises. ..
But in many other countries, especially Europe, he said, he has a larger share of GDP.
Nonetheless, world leaders and climate groups welcomed the new role of the United States on the world stage ahead of the United Nations Climate Summit in Glasgow, Scotland this fall.
“The United Kingdom and the United States are leading the battle to protect our planet, which is exactly the momentum needed ahead of @ COP26,” said British Prime Minister Boris Johnson. Tweet..
UN Secretary-General Antonio Guterres said he was encouraged by announcements from China and the United States, the world’s largest economic and climate pollutants.
But he added that the world still has a long way to go to deal with the climate crisis.
“We are a few weeks away from the United Nations Climate Change Conference in Glasgow, but it looks like a light-year to reach our goal,” Guterres said in the opening statement. “We have to be serious, and we have to act quickly.”
Saleemul Huq, director of the International Center for Climate Change Development in Bangladesh, said he hopes that US promises will spur strengthening the commitments of other countries. Developed countries promised to provide poor countries $ 100 billion annually for climate funding ten years ago. That goal was never achieved.
Haku said the most vulnerable countries in the world want to know how much of Biden’s pledge can be used for adaptation projects.
“We want to go for at least half the amount of adaptation, but the track record is very poor,” he said.
Less than a quarter of current climate funding is directed to adaptation, amounting to approximately $ 16.7 billion annually. However, according to the United Nations Environment Program, adaptation costs in developing countries reach about $ 70 billion annually and are projected to reach $ 300 billion by 2030. Adaptation gap report..
Guteres has repeatedly called for more adaptive financing, urging countries to abolish fossil fuel subsidies and immediately stop construction of coal-fired power plants.
“Paris’s goal will be engulfed in smoke,” he said, when all planned coal-fired power plants went live.
It is unclear whether China’s promise to terminate overseas coal lending applies only to public finance, or to state-owned and commercial banks. More than half of coal projects in pipelines in 10 countries are supported by China, according to data from the Global Energy Monitor coal-fired power plant tracker.
Last year, using a speech to the United Nations, Xi announced its goal of peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060. Green, low-carbon energy in developing countries.
Reprinted from E & E News With permission from POLITICO and LLC. Copyright 2021. E & E News provides essential news for energy and environmental professionals.
China says it will stop raising coal-fired power generation abroad
https://www.scientificamerican.com/article/china-says-it-will-stop-financing-coal-power-abroad/ China says it will stop raising coal-fired power generation abroad