August 17, 2020 Read More →

Japan, Korea move ahead of China in phasing out fossil fuels

IntellAsia.net:

China risks being left behind as South Korea and Japan signal a shift away from financing overseas coal power in response to growing criticism over their support for the dirty fossil fuel.

The three countries are the top global lenders for coal energy infrastructure, bankrolling projects beyond their borders through export credit agencies and developing new markets to export coal plant technology.

But there are signs that Japan and South Korea may be preparing to scale back official support amid mounting pressure from the public and investors on environmental grounds.

“This is profoundly serious, because it is an acceleration of a trend that is already established in global financial markets,” said Melissa Brown, the director of energy finance studies, Asia, at the Institute for Energy Economics and Financial Analysis. “It has a very strong economic foundation, which is that based on virtually all of the coherent and credible evidence we have today coal-fired power facilities that are brought into service in the next five years are extremely unlikely to have a productive, profitable economic life.” 

[Harry Pearl]

More: China slow to curb coal financing as Japan, South Korea ‘accept new reality’ on phasing out fossil fuels

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