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China's decision not to fund coal-powered projects abroad to affect various countries: Report

ANI | Updated: Oct 19, 2021 23:14 IST

Beijing [China], October 19 (ANI): China has decided to no longer fund coal-powered projects abroad that would affect various countries which were dependent on Beijing till now, according to a media report.
Chinese President Xi Jinping pledged at the 76th session of the United Nations General Assembly that China would stop funding new coal-fire power projects overseas, The HK Post reported on Tuesday.
"Xi, in his approach to maintain harmony amongst human and nature, green and low carbon economy- peak co2 emission before 2030 and achieve carbon neutrality by 2060, promised to make every effort to meet these goals," said the report.
The report further stated that China is currently using its Belt and Road Initiative in order to build and finance various projects of infrastructure that include power plants, roads, railways, highways and ports with an aim to connect 70 countries across Asia, Africa, Europe via a "New Silk Road." Now, putting numbers in mind, this pledge by China will impact 44 nations around the world running a capacity of 42,200 megawatts (650 average homes can be supplied by each MW of a coal power station's capacity).
Furthermore, this pledge shall eliminate 30 million tonnes of yearly coal demand saving around

USD 130 Billion, with USD 50 Billion in construction and USD 80 Billion in fuel and operational expenses over the lifetime, The HK Post reported.
Meanwhile, Xi did not disclose much on this topic. What may be concerning all the climate change activists is to ascertain when shall this pledge taken come into force, whether China even though deciding to stop funding new coal-fire power projects would finance other coal plants in other nations, the report said.
"However, this pledge shall affect countries that import the majority of their coal from China thereby having a colossal global impact. We are talking about Bangladesh, Kenya, Madagascar, Mongolia which shall be looking at complete elimination and 90% reduction of proposed coal plants.
Africa shall too be affected as this pledge will be reducing the proposed coal power in the continent by 50%," The HK Post reported.
"China's pledge comes as a blow to various countries dependent on overseas financing for their coal projects which was done by China up till now. Many coal-powered projects may be cancelled or delayed which we shall only know which further developments brought to light in this domain. In drawing things to a close, the method that China will now adopt to accomplish its new goals will be recognised in the time forward when specific laws, rules and regulations are adopted to minimize and eventually eliminate the use of coal and convert China into carbon neutrality by 2060," the report added. (ANI)