Posted on 11/15/2022 9:28:44 PM PST by SeekAndFind
The White House announced yesterday that as one of the results of the G20 meeting, Indonesia is set to receive $20 billion to transition from coal to green energy. According to the press release/fact sheet, a coalition of nations all signed on to the Just Energy Transition Partnership. Those nations include “the Government of the Republic of Indonesia (GOI) and the Governments of Japan, the United States of America, Canada, Denmark, the European Union, the Federal Republic of Germany, the French Republic, Norway, the Republic of Italy, and the United Kingdom of Great Britain and Northern Ireland (together the “International Partners Group” or IPG).”
A lengthy joint statement issued by the countries highlights the urgency to among other things, enact multiple climate change initiatives, lower carbon output, and facilitate an orderly transition to a net-zero world. It also recognizes “the importance of Environmental, Social, and Governance standards as a consideration for developing transition financial frameworks and the existing gap between current standards and energy transition needs.” Interestingly enough, as part of the process includes creating green jobs, the statement also reads:
“Further underlining that a just process of transition is based on the full involvement of relevant actors including organized labour (emphasis mine) and business to implement human capital development programs through reskilling and upskilling, creating employment and providing other forms of collaboration so that workers are major beneficiaries of the transition to a greener future.”
There is much more to the statement and I suggest you read it. Beware: It is extremely long and cast in cryptic govspeak, which is probably intentional since it makes it much more difficult to identify all of the requirements and potential consequences of this plan.
(Excerpt) Read more at pjmedia.com ...
“To achieve these targets, this long-term partnership intends to mobilize an initial $20 billion in public and private financing over a three-to-five-year period, using a mix of grants, concessional loans, market-rate loans, guarantees, and private investments. Contributions to the JETP include $10 billion in public sector pledges, and a commitment to work to mobilize and facilitate $10 billion in private investment from an initial set of private financial institutions coordinated by the Glasgow Financial Alliance for Net Zero (GFANZ), including Bank of America, Citi, Deutsche Bank, HSBC, Macquarie, MUFG, and Standard Chartered. The partnership will also leverage the expertise, resources, and operations of the multilateral development banks.”
The Daily Caller notes that Indonesia depends on coal to power its steel industry and that in 2020, coal made up 37% of the energy the country used. Since I am not a scientist, I am curious as to how the country will be able to produce steel without coal and how renewables can make up the difference. Or if that is even possible.
I guess the only question remaining is, who’s going to tell China? Probably no one, since China owns a piece of everything and everyone and thus needs to be kept happy. Bloomberg reports that China plans to add more coal plants to insure its energy security. But don’t worry. The country’s representatives to the COP27 summit told those assembled that this is only a short-term move to address the country’s electricity shortages. China will get around to hitting net zero by 2060. The Chinese claim they just want to avoid an energy crisis similar to the situation in Europe. But the climate crowd is concerned that we will hit the wall by 2040. However, I doubt anyone is going to sanction China for bringing new coal plants online or chastise it when it does not meet the net zero goal. It’s China, after all, and it pretty much thumbs its nose at the world while it writes its own ticket.
Sri Lanka part 2.
Oh how nice, $20 Billion to ensure that Indonesia will collapse along with the rest of us!
Five years should be just about right for the “Green” (RED!) fantasy to begin falling apart as one nation after another has to “Delay” full implementation to avoid starving, freezing, and “Civil unrest”.
And there is no way in the world “Renewable energy” can keep their steel industry afloat unless Nuclear is now a renewable, and they break ground in the morning!
None of your beeswax, Soros.
Coal is cheap and abundant in the United States.
We have this resource in spades.
However, we can’t use it because of environmental zealots who offer zero solutions, but plenty of hurdles for the energy sector.
Also, to further “rub salt in the wounds” the liberals who live in their pampered economic universe of unlimited public & private capital, want double down on their economic stupidity of climate change.
Eventually, economic reality will win and the green dreamers will be kicked to the curb.
“But not yet.”
“But not yet.”
bugs are yummy
shut up and get on the bus
you will own nothing and be happy
OR ELSE!
meanwhile, China has been building coal-fired power plants at the rate of approx one per week:
15 Nov: Oil Price: China Embraces Increased Coal Use For Energy Security
By Julianne Geiger
China may be adding new coal plants to prevent a repeat poor performance from recent years that triggered electricity shortages in the Asian nation, but these coal plants will serve as a buffer to volatile global energy markets in the wake of Russia’s invasion of Ukraine, the country’s delegates said.
Previous figures from a senior researcher at State Grid of China Corp Energy Research Institute estimated China’s coal expansion would total 270GW of new plants through 2025—more than what the United States has now...
“We don’t want to be like Europe and transform at the cost of energy security. They are now declaring that they are taking a step back in order to take two steps forward later,” Li Zheng, climate change and energy professor at Tsinghua University, said, adding that China needed an energy transition plan that was secure so that it could be sustained...
https://oilprice.com/Latest-Energy-News/World-News/China-Embraces-Increased-Coal-Use-For-Energy-Security.html
26 Sept 2021: Daily Mail: Beijing’s dirtiest secret: With 1,000 coal-fired power stations (and climbing) China’s energy pollution mocks the world’s bid to combat climate change - as series of Mail exposes reveals
By DAVID ROSE
Yet The Base accounts for just a fraction of China’s coal dependency. Its coal power station fleet grew five-fold between 2000 and 2020, and now accounts for almost half the world’s consumption — more than three times its closest rival, the U.S. It is said to have 1,080 separate plants with a total capacity last year of 1,005 gigawatts — and is building more.
Britain, in contrast, has just four coal-fuelled plants left, with a joint output of 5.4 gigawatts...
Between 2011 and 2013, China used more cement than the U.S. did in the entire 20th century...
When President Biden’s climate change envoy, John Kerry, went to Beijing this month to put pressure on the regime on carbon emissions, he was humiliated.
Kerry was forced to hold his meetings via Zoom — he might as well have stayed in Washington — and China’s foreign minister, Wang Yi, politicised the encounter, warning him that if America wanted China to talk seriously about emissions, it must first stop treating it as ‘a threat and a rival’...
As this newspaper reported last month, while we do our bit to slow climate change, it is estimated the cost of our transition to Net Zero will run into trillions of pounds...
Even the eco-protesters blocking our motorways pay no attention to the fact China is pumping out pollution on an unprecedented scale...
https://www.dailymail.co.uk/news/article-10026335/Chinas-dirtiest-secret-1-000-coal-fired-power-stations-climbing.html
Australia is happy to send China as much coal as it will buy, yet Australia is busy blowing up/shutting down their last SIXTEEN coal-fired power plants! madness.
More social-engineering and political ideology spread by printed, fiat, central-bank money and the debt it enables
the people will warm themselves by the bonfire.
Don’t forget, 10% for the Big Guy!
Nothing more than a Communist transfer of wealth from America to fellow Communists in Asia, and 10% for the Big Guy
This is stupid. Indonesia’s electric grid has a huge coal power plant component. $20B will do nothing but inflict misery on that country.
coal bttt
Exactly what I thought. They don’t need much by way of summer heating but I hope the well to do homeowners, office workers, and hotel patrons aren’t too attached to their air conditioning
The shadows on the cave walls.
“Just plug it in and electricity is magic!” - the left
No regard for where or how power is generated, whether something is feasible or economical for an area, let alone the fact that for many so called green power projects you must mine toxic metals or create large wind turbine blades that cannot be recycled.
that reminds me, I need to add a$$less chaps the my Christmas list... and a dirt bike...
China will just make a deal with Indo. They’ll buy their coal mines and take the coal to China.
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