China will stop financing coal abroad

China will stop financing coal abroad

China and the United States he announced New commitments to the climate alla 76esima General Assembly From United Nations Running in New York.

Chinese President, Xi Jinping, claimed that Beijing will not finance plus building new coal plant In overseas, while the US President, Joe Biden, said that the United States will double $11.4 billiontheir annual contribution till 2024 climate finance Destined for the poorest countries.

However, there is a risk of both commitments being ineffective.

As for China, for the time being details not given When and how will the Zero Foreign Coal Policy be implemented?

Will this apply to all public and private funding from China? Will this authorization also cover the existing projects in the phase?

Then China a. refrained from mentioning coal in your area.

practically, without a binding commitment To eliminate this fossil source from the internal energy mix through the policy of coal phase-out Like many European countries, China will not be able to take over the flood credit In the fight against climate change.

All that is left is to see what will develop from here onwards. COP 26 United Nations Climate Conference in Glasgow to be held in Scotland from 31 October to 12 November.

remember that China In 2020 it announced that it wants to reach the peak of its CO2 emissions before 2030 and carbon neutrality (net emissions to zero) by 2060, but still, the details of how such a milestone was reached were missing.

Even then in 2020According to the Global Energy Monitor, the growth of coal in China, with approx. 38 GW of new become plants (76% of the total in the world), surpassed extinguished coal plants in all other countries, for a total of 37 GW.

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Meanwhile, one of the largest African banks, firstrand (based in South Africa) announced that will stop financing construction of new power plants coal power generation is that 2026. From It will also stop funding new people mines Coal, thus lengthens the list of global financial institutions committed to disinvestment from this fossil resource.

As for the United States, Biden He said his administration was working with him Congress Finalizing the increase in financial support for the energy transition in emerging economies from $5.7 to $11.4 billion.

However, this figure is much lower than what has been spent on climate aid. The European Union In 2019: 24.5 billion Euro, according to an analysis by the World Resources Institute cited by Reuters.

Maxi game will also be played in US Congress investment plan With Biden’s headlines on renewable energy, electric mobility, more resilient infrastructure, proposed by the White House to revive the economy and industries.

In general, industrialized countries have not yet come to spend on 100 billion dollars The promise of green finance to the most vulnerable countries by 2020.

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