December 12, 2018 Read More →

Europe looks to fill the leadership void left by the U.S.

South Africa Today:

For a while, it appeared as though industrial powerhouse China would step up to fill in the climate leadership role abandoned by the U.S., with President Xi Jinping making a bold statement last year that Beijing would take “a driving seat in international cooperation to respond to climate change.”

But China has continued to invest heavily in fossil fuel abroad, pumping money into coal projects across the world through its Belt and Road initiative throughout Southeast Asia and Africa. A quarter of coal plants in the planning stage or under construction outside China are backed by Chinese state-owned financial institutions and corporations, according to research by the Institute For Energy Economics And Financial Analysis (IEEFA), a U.S.-based think tank.

Chinese banks and investment agencies have committed more than $21 billion to developing 31 gigawatts (GW) of coal-fired capacity in a dozen countries, and an additional $15 billion is on offer to support projects that would generate 71 GW in 24 nations, for a total of more than 101 GW, the IEEFA found.

Europe looks to fill the leadership void left by the U.S.

Posted in: IEEFA In the News

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