{"id":241,"date":"2021-10-12T10:47:18","date_gmt":"2021-10-12T03:47:18","guid":{"rendered":"https:\/\/uclg-aspac.org\/brlc\/?p=241"},"modified":"2021-10-12T10:55:04","modified_gmt":"2021-10-12T03:55:04","slug":"time-for-chinas-belt-and-road-to-go-green","status":"publish","type":"post","link":"https:\/\/uclg-aspac.org\/brlc\/2021\/10\/12\/time-for-chinas-belt-and-road-to-go-green\/","title":{"rendered":"Time for China\u2019s Belt and Road to go green"},"content":{"rendered":"
Beijing’s recent vow to stop funding coal-fired power projects abroad could fuel a new era of low-carbon development<\/div>\n
\n
By\u00a0YIXIAN SUN<\/a><\/span><\/span>
\n

Chinese President\u00a0Xi Jinping recently announced<\/a>\u00a0at the UN General Assembly that China \u201cwill not build new coal-fired power projects abroad.\u201d<\/p>\n

Chinese banks have already swung into gear. Three days after Xi\u2019s speech, the\u00a0Bank of China declared<\/a>\u00a0it would no longer provide financing for new coal mining and power projects outside China from the last quarter of 2021.<\/p>\n

Xi\u2019s statement is expected to affect\u00a0at least 54 gigawatts<\/a> of proposed China-backed coal plants that are not yet under construction. Shelving these would save CO\u2082 emissions equivalent to three months of global emissions.<\/p>\n

This pledge from\u00a0the world\u2019s largest public financier<\/a>\u00a0of overseas coal plants could usher in a new era of low-carbon development. But that depends on what happens in the countries where China had funneled money into coal power.<\/p>\n

Many of these places urgently need new energy infrastructure. Will China\u2019s investments here be redirected to renewable energy \u2013 or simply disappear?<\/p>\n

Chinese support for renewables abroad<\/h4>\n

One positive sign came in the same speech to the UN, when Xi indicated that \u201cChina will step up support for other developing countries in developing green and low-carbon energy.\u201d<\/p>\n

China\u2019s overseas energy investments grew as part of the\u00a0Belt and Road Initiative<\/a>. Launched in 2013, Xi\u2019s signature foreign-policy effort increased China\u2019s cooperation with the rest of the world through infrastructure development, unimpeded trade, financial integration and policy coordination.<\/p>\n

China has\u00a0continued<\/a>\u00a0to provide finance for the Belt and Road Initiative during the pandemic, and\u00a0investment in renewables<\/a> made up most (57%) of the country\u2019s financial support for overseas energy projects in 2020 \u2013 up from 38% in 2019.<\/p>\n

Beijing has supported wind and solar projects in more than 20 developing countries since 2013, including\u00a0Ethiopia<\/a>\u00a0and\u00a0Kenya<\/a>. And Chinese banks and companies have also expanded their overseas investments in renewable energy over the last decade.<\/p>\n

\"A<\/a>
China\u2019s overseas renewable energy portfolio has grown with the belt and road initiative.\u00a0China\u2019s Global Power Database\/Boston University<\/a>, Author provided<\/figcaption><\/figure>\n

While the trends are positive, challenges remain. China\u2019s overseas investment policy remains guided by\u00a0the non-interference principle<\/a>. This means that Beijing is supposed to let host countries determine the type of energy projects, and only requires Chinese firms to comply with\u00a0host-country regulations<\/a>.<\/p>\n

Research shows that China\u2019s finance for coal in Asia was largely driven by\u00a0demand in recipient countries<\/a>. This is because the domestic policies of these countries prioritized improving energy access over reducing emissions, and coal was a cheap and proven source.<\/p>\n

Inadequate grid infrastructure and politicians skeptical of renewable energy in countries receiving Chinese investment have also hampered development. In\u00a0Indonesia<\/a>, business leaders and politicians formed pro-coal lobby groups to influence the design of China-backed projects.<\/p>\n

China\u2019s new pledge tells prospective recipient countries that coal finance is no longer an option. China must now promote its offer of investment in renewables. Drawing on its domestic experiences, Beijing should provide\u00a0subsidies or tax cuts<\/a> to companies willing to build renewable energy projects outside China.<\/p>\n

Chinese energy developers are often wary of\u00a0investment risks<\/a>\u00a0in developing countries due to their unfamiliarity with local politics. The Chinese government can help by\u00a0increasing coordination<\/a>\u00a0between Chinese companies and local governments, businesses and communities in host countries.<\/p>\n

Over the past decade, China has supported many developing countries to increase their energy generating capacity with financing, affordable technology and quick project delivery.<\/p>\n

China has taken the first step to stop funding coal. It\u2019s now time to adopt policies that support the overseas activities of its renewable energy developers.<\/p>\n

Yixian Sun<\/a>, Lecturer (Assistant Professor) in International Development,\u00a0University of Bath<\/a><\/em>.<\/p>\n

This article retrieved from, https:\/\/asiatimes.com\/2021\/09\/time-for-chinas-belt-and-road-to-go-green\/, (<\/a>6 October 2021, 13.45 PM Jakarta Time).<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Beijing’s recent vow to stop funding coal-fired power projects abroad could fuel a new era of low-carbon development By\u00a0YIXIAN SUNSEPTEMBER 29, 2021 Chinese President\u00a0Xi Jinping recently announced\u00a0at the UN General Assembly that China \u201cwill not build new coal-fired power projects abroad.\u201d Chinese banks have already swung into gear. Three days after Xi\u2019s speech, the\u00a0Bank of… Read More »Time for China\u2019s Belt and Road to go green<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[2],"tags":[10,9,63,62,19],"class_list":["post-241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-belt-and-road-initiatives","tag-china","tag-green-development-china","tag-sustainability","tag-uclg-aspac"],"yoast_head":"\nTime for China\u2019s Belt and Road to go green - UCLG-ASPAC BRLC<\/title>\n<link rel=\"canonical\" href=\"https:\/\/uclg-aspac.org\/brlc\/2021\/10\/12\/time-for-chinas-belt-and-road-to-go-green\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Time for China\u2019s Belt and Road to go green - UCLG-ASPAC BRLC\" \/>\n<meta property=\"og:description\" content=\"Beijing’s recent vow to stop funding coal-fired power projects abroad could fuel a new era of low-carbon development By\u00a0YIXIAN SUNSEPTEMBER 29, 2021 Chinese President\u00a0Xi Jinping recently announced\u00a0at the UN General Assembly that China \u201cwill not build new coal-fired power projects abroad.\u201d Chinese banks have already swung into gear. 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