Experts see growing stranded asset threat for China’s continued coal plant financing

first_img FacebookTwitterLinkedInEmailPrint分享South China Morning Post:China risks being left behind as South Korea and Japan signal a shift away from financing overseas coal power in response to growing criticism over their support for the dirty fossil fuel.The three countries are the top global lenders for coal energy infrastructure, bankrolling projects beyond their borders through export credit agencies and developing new markets to export coal plant technology. But there are signs that Japan and South Korea may be preparing to scale back official support amid mounting pressure from the public and investors on environmental grounds.Japan announced last month that it would tighten funding criteria for foreign coal-fired power plants, and next month South Korean lawmakers will debate several bills aimed at banning overseas coal investment as part of a post-coronavirus “Green New Deal”.“This is profoundly serious, because it is an acceleration of a trend that is already established in global financial markets,” said Melissa Brown, the director of energy finance studies, Asia, at the Institute for Energy Economics and Financial Analysis. “It has a very strong economic foundation, which is that – based on virtually all of the coherent and credible evidence we have today – coal-fired power facilities that are brought into service in the next five years are extremely unlikely to have a productive, profitable economic life.”China has an outsize impact on development financing for coal. From 2000-2019, its two global policy banks – the China Development Bank and the Export-Import Bank of China – issued loans totaling US$51.8 billion for coal energy projects around the world, according to the Global Development Policy Centre at Boston University.In comparison, Japan spent US$26 billion financing 36 overseas coal-fired power plants between January 2003 and April 2019, the Japan Centre for a Sustainable Environment and Society estimated. South Korean public financial institutions, meanwhile, supported 24 overseas coal projects with US$10 billion from 2008 to 2018, according to Solutions for Our Climate (SFOC), a Seoul-based non-profit organisation.[Harry Pearl]More: China slow to curb coal financing as Japan, South Korea ‘accept new reality’ on phasing out fossil fuels Experts see growing stranded asset threat for China’s continued coal plant financinglast_img read more

Arsene Wenger convinced by Arsenal’s ability to last title pace

first_img “He is not a talking leader, he is a fighting leader, and I think he is a typical centre-back for the Premier League.” Wenger has challenged his team to better what was a “perfect week” after the Champions League victory over Bayern Munich. He said: “I think the attitude at the top level is how can we improve,” he said. “We learn from defeat and we learn from wins – but to learn from wins sometimes is more difficult because it is less natural.” Press Association Arsenal manager Arsene Wenger is convinced his side now have the required battling qualities to last the distance in the Barclays Premier League title race. Wenger feels the way players like Santi Cazorla and Mesut Ozil followed in line with midfield enforcer Francis Coquelin and centre-half Gabriel show this group have the stomach for the challenges ahead. “They are all on board, and they have the belief. They came off the pitch really tired,” said Wenger. “Cazorla won many balls and blocked many tackles, even Ozil…. once you have that in the team, it is not easy to get it, but is shows the belief is there and then you need enough humility to keep it in there.” The Arsenal boss added: “You need to convince the players that you have to work hard to win football games in the Premier and that you need all 11 to do that.” Gabriel produced a composed display at the heart of the Gunners’ rearguard, standing in for vice-captain Per Mertesacker, who was ill. The Brazilian – sent off at Chelsea last month for clashing with Diego Costa – produced a superb late block to thwart a dangerous Everton counter-attack, before letting out a loud roar cheered on by the home supporters. “Gabriel has shown that he is a fighter,” said Wenger. “At half-time he was so upset at the deflection he got, but in the second half he came out again with the same spirit, it is a fantastic combative aspect. The Gunners had to dig deep to hold off the challenge of Everton and close out a 2-1 win at the Emirates Stadium on Saturday. With Manchester City drawing against derby rivals United at Old Trafford on Sunday, Arsenal are second on the back of what was a fourth straight Premier League victory. last_img read more