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Posted on 09/22/2021 2:38:48 PM PDT by dynachrome
China will stop building coal-fired power projects in other countries, President Xi Jinping said yesterday in an announcement that's expected to accelerate the global shift away from fossil fuels.
The pledge, made at the U.N. General Assembly in New York, comes as other industrialized nations are reversing economic policies that fueled the construction of coal plants outside of their borders, often in energy-deprived nations that are vulnerable to the effects of poverty and climate change. China's move shadows similar decisions by South Korea and top coal financiers in the Group of Seven (Climatewire, June 14).
Yesterday's announcement was short on important details, including when it will begin, but that didn't prevent Xi's statement from igniting optimism among observers.
“An end to Chinese finance could facilitate the cancellation of over 40 gigawatts of pipeline projects in 20 countries — equivalent to the current coal fleet of Germany,” Belinda Schäpe, an EU-China climate diplomacy research at the E3G think tank, said in an email.
(Excerpt) Read more at scientificamerican.com ...
Sure Climate Hysterics, it China being good not a reaction to their collapsing domestic economy
Anything to dampen demand for coal from competing customers to keep Chinese costs lower.
But they will keep building coal fired plants in China.
China will stop building coal-fired power projects in other countries, President Xi Jinping said yesterday i
Wow, what a sacrifice. Lol so that’s China’s contribution for the warming farce as we commit economic suicide.
How yellow of them!
China has been putting 1 new, dirty coal fired plant on-line every 2.5 weeks for over a decade now.
Nah! It is probably because the third-world countries can’t pay for either the plant or the coal to fire it. Everything the Chinese do is centered around money. They have a couple of financial hits coming their way.
This is no giant concession. There are probably very few areas on Earth with economically viable coal deposits left to exploit. If there are, there is probably much more convenient natural gas available in such areas.
How many coal fired power plant did they build last year?
Clap for Carers!
The main cause is that in the last 10 years no one has done anything but lose money in the coal power business.
Partially it’s the rise of renewables, but mostly it’s that natural gas is so much cheaper.
North America has huge, obtainable coal reserves.
Just wait.
When things go south, and eating food or not freezing to death has had a real impact on people, coal will become “viable” again. Companies will start up and mines will reopen.
Even dipstick enviroweenies will clamor for it. Perhaps by then, the Global Warming idiocy will be so diluted as to be impotent. We can always hope.
China Says It Will Stop Financing Coal Power AbroadIOW, they're turning off the factories, the power and the heat.
And everyone will have to buy from them.
I bet Xi didn’t say when he would be doing this good deed. 2050 maybe.
As of December 31, 2016, estimates of total world proved recoverable reserves of coal were about 1,144 billion short tons (or about 1.14 trillion short tons), and five countries had about 75% of the world’s proved coal reserves.
The top five countries and their share of world proved coal reserves as of 12/31/2016
United States 22%
Russia 15%
Australia 14%
China 13%
India 10%
Last updated: October 9, 2020
Australia.
Over the last year Peabody stock went from 80 cents to 19 dollars. Somebody’s making money on coal. I made a lot of money on BTU call options myself.
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