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Xi Jinping: "China will not build new coal-fired power projects abroad" Full transcript: https://estatements.unmeetings.org/estatements/10.0010/20210921/AT2JoAvm71nq/KaLk3d9ECB53_en.pdf …pic.twitter.com/BDfuMp45Hi
Note, Xi Jinping used the word "build" rather than "finance" This, for me, covers more than just ¥ ¥ ¥. It could mean stoping all sorts of Chinese engagements in overseas coal-fired power projects, i.e., lending, underwriting, insurance, construction, technology transfer, etc.
This announcement also means a giant shift in China's overseas energy investment: from coal-fired power plants to "green and low-carbon energy" Xi Jinping: China will step up support for other developing countries in developing green and low-carbon energyhttps://twitter.com/KarlMathiesen/status/1440398670713610244?s=20 …
This opens a new era for the global movement of coal phase-out China has been the single largest financer, at least in terms of public finance, on overseas coal-fired power projects Indeed a gift...a long due one, thoughhttps://twitter.com/laurimyllyvirta/status/1440400423236497424?s=20 …
Now, what's next? Xi Jinping indicated in April that China will strive to peak coal use by 2025 Today, it is still the world's largest coal consumer, home to the largest installed capacity of coal-fired power plants, and new projects & capacity permitted and under constructionpic.twitter.com/Ow6DTIKPbs
According to @Greenpeace, new approval on coal-fired power plants in the 2021H1 is 80% less compared to the previous year
However, a few provinces still proposed tens of thousands MW of new coal-fired power projects in the "provincial key project list"
https://www.greenpeace.org.cn/lcdp-briefing-pr-20210825/ …pic.twitter.com/70oRJ4DVbv
Another Chinese NGO @iGDP_cn also identified almost 100 new coal power projects (excluding CHP & waste incineration) in 2020 and 2021
The study found no "significant changes" on the fossil-heavy investment focus of "key projects" after the 2030-60 pledgehttps://twitter.com/LHongqiao/status/1431674793124847616?s=20 …
The domestic push on limiting coal use comes in the package of "containing the blind development of dual-high projects", which includes coal power, coking, coal chemicals, iron & steel... Nevertheless, we are far away from a domestic ban on new coal powerhttps://twitter.com/LHongqiao/status/1438433209797185536?s=20 …
Not till very recently, Chinese scholars are still debating on whether coal power will remain the "ballast stone" of the "new power system" Pro-coal academician WANG Guofa said the 2030-60 pledge doesn't equal to phasing out coal https://twitter.com/LHongqiao/status/1389884247184445440?s=20 …https://twitter.com/LHongqiao/status/1421827996483211264?s=20 …
If everything is right on track, we shall soon expect the release of the following "constraint targets" for the 14th five-year plan period (2021-2025) by the end of the year - coal cap - energy caps (intensity+absolute) - CO2 emission caps (as above)https://www.carbonbrief.org/qa-what-does-chinas-14th-five-year-plan-mean-for-climate-change …
Since the 'two sessions' in March 2021, there have been very intensive policy moves on dual-high projects Recently, the NDRC revealed that it urged localities to cancel 350 dual-high projects Unclear how much among them are coal-fired power projectshttps://twitter.com/LHongqiao/status/1427568367616024600?s=20 …
It also makes sense, however, to tackle the 'dual-high' as a package rather than just eyeing coal power, for their significant coal use and GHG emissions Previous calculation: Power & Heat + Manufacturing > 2/3 of China's total CO2 emissionshttps://twitter.com/LHongqiao/status/1408421562768891911?s=20 …
In a wider context, the Chinese leadership & authority did signal that irregulated coal development must come to an end Two most notable moves: 1/ CEEIT's open criticism on National Energy Administration 2/ the anti-corruption campaign in Inner Mongolia https://twitter.com/LHongqiao/status/1386620888666288129?s=20 …pic.twitter.com/CDTyeyd6xM
I see many interpreted Xi's talk as "stopping overseas coal financing" In the original Chinese text, he said “不再新建境外煤电项目” “新建” has multiple meanings in the Chinese political language: construction, establishing, proposing, and even creation https://twitter.com/LHongqiao/status/1440402796717608967?s=20 …pic.twitter.com/SqBMtJH6fZ
Of course, we will have to wait for the "official interpretation" from Xinhua News to really understand what Xi Jinping has pledged
Meanwhile, read this timely analysis from @e3g @GlobalEnergyMon on @CarbonBrief https://www.carbonbrief.org/guest-post-how-worlds-coal-power-pipeline-has-shrunk-by-three-quarters …https://twitter.com/LHongqiao/status/1440402796717608967?s=20 …
The announcement also came in the context of
1/ major coal financing countries issued bans on overseas coal power projects
2/ @CREACleanAir: half of the China-backed overseas coal projects shelved
3/ China turned back on BRI coal projects in early 2021https://www.ft.com/content/30840645-58d2-4da5-be05-f476623677d2 …
Finally, let's not forget the shifting focus on overseas energy investment from coal to renewable is more than just a climate pledge (i.e., China showing intl responsibility) It is also a business opportunity: China is already the world's largest wind/solar manufacturer
In an earlier China Briefing (please subscribe to keep informed on the latest development on China's climate and energy policies), @CarbonBrief examined the scale of China's overseas coal finance
Big divergence between "more than 70%" or "only 13.28%"...
https://www.carbonbrief.org/china-briefing-15-july-2021-cross-border-coal-funders-megacities-ghg-emissions-ets-to-launch-tomorrow …pic.twitter.com/1NfhBFzgof
Adding the thread here: a bit more on the scope and implication, and "why renewables now" and howhttps://twitter.com/LHongqiao/status/1440576206882041859?s=20 …
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