China and the US must work together on climate change
- President Xi Jinping has laid out ambitious plans to save the world from catastrophe as has his American counterpart, Joe Biden; together, the two nations can make the difference between life and death
Those will also be the options for Pakistan, Bangladesh, Indonesia and other countries that had plans for Chinese coal power projects. More than 40 schemes are involved; China, as a world leader in many clean power technologies, is well-placed to provide their needs.
Beijing joins Tokyo and Seoul, the two other key players in public financing of coal plants, which earlier this year also announced ending involvement. It has made an important declaration, but no details were given. A number of Chinese overseas coal power projects had already been cancelled or put on hold and the time frame for others involved has not been set.
Whether it applies to both financing and construction has also not been articulated, nor is it certain if it relates only to state-run firms. More than 80 per cent of the world’s coal schemes involve the private sector.
Coal from electricity production is by far the biggest contributor to the carbon emissions behind rising temperatures. China and India account for about two-thirds of global power generation from the fossil fuel. But Beijing is making great headway in reducing the nation’s reliance, cutting its share in energy output from 68 per cent in 2010 to 57 per cent last year with the National Energy Administration aiming for less than 56 per cent this year.