While Global Energy Monitors Nace is confident the last plant will be Chinese-built he says it could be outside of China. Support for coal projects globally has fallen as a growing number of leaders in developing countries have called for a rapid shift away from coal and toward renewable energy the authors wrote.
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On September 21 2021 Chinese president Xi Jinping announced at the United Nations General Assembly debate that China would not build any new coal-fired power plants abroad and would step up its support for developing green and low-carbon energy in developing countries.
Does development aid build coal plants. As coal plants shut down their boilers and shutter their doors communities face economic uncertainty. China will step up support for other developing countries in developing green and low-carbon energy and will not build new coal-fired power projects abroad. Xi provided no details but depending on how the policy is implemented the move could significantly limit the financing of coal plants in the developing world.
All unabated coal would have to close by 2040 to stay well below 2C according to the International Energy Agency. China has also proposed additional new coal plants that if built would generate 735 gigawatts of power more than five times the 139 gigawatts proposed in the rest of the world combined. Since the median age of existing coal plants is 44 years most are already fully amortized.
Together the three countries were responsible for more than 95 of all foreign financing for coal firepower plants with China making up the bulk according to Georgetown University. There are about 40 Chinese overseas coal plants scheduled for after 2027 and while Nace anticipates most of these will be cancelled one could be the worlds last. Coal plants which burn approximately 54 of all coal used in the country provide 52 of generating capacity and 66 of electricity output down from a peak of 81 in 2007.
UN secretary general António Guterres is leading calls for an end to new coal plant development. That means their owners have fully paid off the construction costs and operating and fuel costs are the only components of cost. 16 of these countries only have one project.
Banks like China Development Bank CDB and the Industrial and Commercial Bank of China ICBC. The program supports Appalachian communities that have experienced job losses in coal mining coal-fired power plant closures and coal-related supply chain and logistics industries. Up to 3 GW of new coal plants may be built in Serbia and Bosnia-Herzegovina with Chinese financial support in addition to a retrofit of an existing plant in Montenegro.
This would mean closing 100GW of coal capacity every year for 20 years or roughly one coal unit every day until 2040. The Asian Development Bank is launching a new fund that will buy coal power plants in order to shut them down early taking a new approach to the energy transition. China though it has canceled some planned thermal power plants over the past several years has as much as 200 GW of coal-fired facilities in its development.
A total of 247 gigawatts of coal power is now in planning or development nearly six times Germanys entire coal-fired capacity. 24 countries were looking to receive. State and local policies can support coal-dependent workers and communities in a just transition to clean energy.
This includes 40 countries that do not have any coal projects proposed together with 37 countries that have projects at varying stages of development. Chinas Commitment to Stop Overseas Financing of New Coal Plants in Perspective. The government is expected to effectively end assistance for constructing coal-fired power plants in developing nations as part of global efforts to combat global warming.
Ending investment in new overseas coal-fired plants will help to address this danger for the benefit of both rich and poor. But poverty is also an existential threat albeit one that does not imperil everyone. South Korea which in 2010 joined the club of donor nations under the Organization for Economic Cooperation and Development has generously funded coal plants.
The No New Coal Factbook provides individual profiles of countries that could cancel coal projects and formally commit to building no new coal power plants. Emphasis added After years of campaigning by local and international civil society groups to bring an end to the construction of new coal plants this statement was welcomed but a number of questions remain. Coal-fired power capacity grew by around 40 gigawatts GW in 2019 a 4 increase and a pick-up from the past two years the red line on the figure below.
The Global Coal Plant Tracker GCPT provides information on coal-fired power units from around the world generating 30 megawatts and above. China had plans to support over 40 gigawatts of new coal-fired power plants in 20 developing countries including Bangladesh Indonesia and Vietnam the authors noted. Exiting coal plant owners can help.
Building new coal-fired power plants is neither consistent with the goal of Paris Agreement nor is Japans Long-term Strategy under the Paris Agreement. So total fuel and operating costs for a typical coal plant is 283 cents per kilowatt hour. JICA finance to Matarbari coal plants would be linked to deaths in Bangladesh and contradicts its stated aims of achieving the Sustainable Development Goals SDGs.
The GCPT catalogues every operating coal-fired generating unit every new unit proposed since 2010 and every unit retired since 2000. Rather it is a life-threatening menace principally aimed at the poor of the developing world.
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