Beijing [China]: China-financed coal plants in Bosnia and Herzegovina continue to thrive despite President Xi Jinping’s promise to the United Nations General Assembly this September that it would no longer fund the construction of new coal-fired power plants overseas.
Recently, the climate summit for securing the global climate and on phasing out coal has been conducted in Glasgow and both therein China and US have also agreed to boost climate cooperation over the next decade but surprisingly it has been found out that Chinese President Xi Jinping is still financing coal power plants in Bosnia and Herzegovina., according to Financial Post.
Earlier, Energy geopolitics has always been a brutal game for China. It has not been the first time where China has made empty promises.
As an example, the ground for the new station Ugljevik III in the Baltic nation has been already prepared and these power plants are getting financed by the Chinese Bank. Further, it might come as shocking but Ugljevik is not only the European town in which the power plants are going to be built, according to Financial Post.
Further, states there is a major risk of Chinese-financed power plants being built in Indonesia, the Philippines and Serbia as well and all these projects have a total estimated capacity of over 3, 645 MW apart causing concerns to the climate change, according to the report.
On the other hand, Coal has always remained at the heart of China’s flourishing economy. In 2019 58 per cent of the country’s total energy commission came from coal and it accounted for 28 per cent of all global CO2 emissions and even in 2020, China bought 38.4 gigawatts of new coal-fired power into operation.
The data collected by Kevin Gallagher, who directs the Boston University centre from 2013 to 2019 shows that China was financing 13 per cent of coal-fired power plants built abroad.
It is also clear that China is juggling with energy security and economic growth concerns and it appears ironic when China makes promises of carbon neutrality by 2060 such a promise requires huge commitment and none of this is easy for China, according to Financial Post. (ANI)