SHANGHAI, Sept 22 — China’s pledge to stop building coal-fired power plants overseas could cull US$50 billion of investment as it slashes future carbon emissions, analysts said, although Beijing’s own domestic coal programme is still propping up the dirty fossil fuel.
Beijing is the largest source of financing for coal power plants globally, and Xi’s announcement will have a far-reaching impact on coal power expansion plans in countries like Bangladesh, Indonesia, Vietnam and South Africa. Environmental groups also said it would force big coal financiers like the Bank of China, linked with 10 gigawatts of overseas coal power capacity, to draw up a timetable to withdraw from the sector.
There are more than 20 Chinese financed coal-fired power units under construction in South Africa, Pakistan, Indonesia, Vietnam, Bangladesh, Zimbabwe, Serbia and United Arab Emirates, according to data from the Boston University Global Development Policy Centre. Another 17 are in the planning stage.
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