- Bruce Rich
- Environmental Forum
- September/October 2020
- 23
Unfortunately, the world’s largest funder of coal by far, both at home and abroad, has actually been increasing its coal finance over the past year. In 2019 China reversed its policy, announced in 2016, of drastically cutting back (by around two-thirds) domestic construction of coal-fired plants. As of June, 2020 it is committed to adding 249.6 GW of new coal power, including 97.8 GW under construction and 151.8 plants now in planning. In comparison, the total current installed coal generating capacity of the EU is around 149 GW, of the U.S. 246.2 GW, and of India 229.2 GW.China has become the lender of last resort for coal plants in developing countries, accounting for 70% being built in the world outside of China. had Chinese financial support. Last year 60 new Chinese supported coal plants abroad (over 70 GW worth) were under construction or in planning, 9 of which are delayed because of protests or legal opposition, for example in Kenya and Turkey. In Sub-Saharan Africa Chinese coal finance dominates, with 13 projects under construction and another 9 in planning.
