Asia Coal Power Plants Hit After China Financial Cut

Following China’s pledge to stop financing overseas projects, the pipeline of proposed coal-fired power plants in Asia is expected to shrink from 65 gigawatts to 22 gigawatts, according to a new research released on Wednesday.

“Asia’s coal power sector, once the last bastion of coal power, has seen wave after wave of coal power plant cancellations, China’s pledge to stop financing coal power plants in other countries will set off a new wave,” says Global Energy Monitor (GEM) Russell Gray.

In a joint report, the Centre for Research on Energy and Clean Air (CREA) and GEM say, “Excluding China and India’s domestic coal power programmes, there are only 28 new coal-fired plants planned across Asia, with less than 30% of them having secured financing”.

According to the report, nearly all of Bangladesh’s and Sri Lanka’s planned coal-fired power plants, as well as 65 percent of Indonesia’s, are now in jeopardy.

However, the report estimates that about 43 GW of projects are currently under construction in Asia.

In September, Chinese President Xi Jinping promised to end China’s support for new overseas coal power plants while delivering a message to the UN Assembly.

According to the Boston University Global Development Policy Center, if all the China-financed overseas coal plants now under construction or being planned were cancelled, 646 million tonnes of annual CO2 emissions could be avoided, more than the total annual footprint of Canada.

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