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China will withdraw from overseas coal power projects, 50 bi...
China will withdraw from overseas coal power projects, 50 billion US dollars of investment may be in vain
$Dow Jones U.S. Coal Index (.DJUSCL.US)$
Many analysts said that China’s commitment to stop building coal-fired power plants abroad may wipe out US$50 billion in investment because China is cutting future carbon emissions. China is the world's largest source of financing for coal power plants. Xi Jinping's statement at the United Nations General Assembly will have a profound impact on the coal power expansion plans of countries such as Bangladesh, Indonesia, Vietnam and South Africa. According to the US think tank Global Energy Monitor (GEM), this announcement may affect the Chinese government's preparations for 44 coal power plants, totaling US$50 billion. GEM told Reuters that this may reduce annual carbon dioxide emissions by 200 million tons in the future
Many analysts said that China’s commitment to stop building coal-fired power plants abroad may wipe out US$50 billion in investment because China is cutting future carbon emissions. China is the world's largest source of financing for coal power plants. Xi Jinping's statement at the United Nations General Assembly will have a profound impact on the coal power expansion plans of countries such as Bangladesh, Indonesia, Vietnam and South Africa. According to the US think tank Global Energy Monitor (GEM), this announcement may affect the Chinese government's preparations for 44 coal power plants, totaling US$50 billion. GEM told Reuters that this may reduce annual carbon dioxide emissions by 200 million tons in the future
Article excerpted from Reuters Financial Morning Post
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