{"id":123131,"date":"2021-08-03T19:57:36","date_gmt":"2021-08-03T14:27:36","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=123131"},"modified":"2021-09-13T13:45:28","modified_gmt":"2021-09-13T08:15:28","slug":"banks-withdraw-funds-from-coal-fuelled-projects-in-asia","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/banks-withdraw-funds-from-coal-fuelled-projects-in-asia\/","title":{"rendered":"Banks withdraw funds from coal-fuelled projects in Asia"},"content":{"rendered":"<p><strong>Source: <\/strong><a href=\"https:\/\/epaper.livemint.com\/Home\/ShareArticle?OrgId=3881db5832&amp;imageview=0\"><strong>Livemint<\/strong><\/a><\/p>\n<p><strong>Synopsis<\/strong>: Banks are cutting off funding for new coal-fuelled power plants in poorer Asian countries to hasten the shift toward cleaner energy sources.<\/p>\n<p><strong>Recent push for green financing:<\/strong><\/p>\n<p>Most key financiers, in Japan and South Korea as well as in China, have signaled disinterest towards overseas coal projects. For instance,<\/p>\n<ul>\n<li>China\u2019s environment and commerce ministries advised some of the country\u2019s biggest overseas lenders against investing in coal.<\/li>\n<li>China\u2019s embassy in Bangladesh said that it would no longer consider projects with high pollution and high energy consumption.<\/li>\n<li>In <strong>Japan<\/strong>, JICA, has put <strong>no-coal pledges<\/strong> in their lending and bond-issuance policies.\u00a0All of Japan\u2019s biggest banks now have similar no-new-coal pledges.<\/li>\n<li>State-owned <strong>Korea\u2019s<\/strong> Kepco, said that it would stop investing in new coal projects overseas and will either eliminate or convert to natural gas.<\/li>\n<li><strong>UK<\/strong> asset manager, Legal &amp; General Investment Management, sold its shares in ICBC and Kepco because it wasn\u2019t satisfied with the companies\u2019 approaches to coal.<\/li>\n<\/ul>\n<p><strong>Possible Implications of such move:<\/strong><\/p>\n<ol>\n<li>First, the pullback could <strong>force poorer countries<\/strong> to curtail coal expansion plans and <strong>accelerate transitions to energy sources<\/strong> such as solar and wind.<\/li>\n<li>Second, it won\u2019t affect most projects inside China and India.\u00a0Both countries have <strong>big pools of domestic funding<\/strong>.\u00a0China alone accounts for more than half of the roughly 480 gigawatts of coal-plant capacity in construction or planning stages worldwide, as per Global Energy Monitor.<\/li>\n<li>Third, China and India are building new coal-power capacity at a significantly <strong>slower pace than a few years ago.\u00a0<\/strong>The countries\u2019 investment in terms of gigawatt capacity was 80% less in 2020 than in 2015, according to International Energy Agency data.<\/li>\n<li>Fourth, the <strong>consumption of coal will still be around for a long time.\u00a0<\/strong>The developing world has an enormous fleet of existing coal-burning facilities that will use coal for decades to come.<\/li>\n<li>Fifth, the <strong>price<\/strong> <strong>of solar and other renewable energies has plummeted<\/strong>, while the cost of financing coal projects has risen.<\/li>\n<\/ol>\n<p>The world of 2021 is barely recognizable from five years ago when it comes to the degree and the intensity of finance campaigning and the results that are being got from it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Livemint Synopsis: Banks are cutting off funding for new coal-fuelled power plants in poorer Asian countries to hasten the shift toward cleaner energy sources. Recent push for green financing: Most key financiers, in Japan and South Korea as well as in China, have signaled disinterest towards overseas coal projects. For instance, China\u2019s environment and&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/banks-withdraw-funds-from-coal-fuelled-projects-in-asia\/\">Continue reading <span class=\"screen-reader-text\">Banks withdraw funds from coal-fuelled projects in Asia<\/span><\/a><\/p>\n","protected":false},"author":10316,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[9614,8675,768,216],"class_list":["post-123131","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-coal","tag-coal-projects","tag-energy","tag-gs-paper-3","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704763526},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/123131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10316"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=123131"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/123131\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=123131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=123131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=123131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}