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China to stop funding coal projects abroad

China to stop funding coal projects abroad

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President of the People’s Republic of China Xi Jinping yesterday pledged to end all coal-fired power projects abroad.

Shantel Tyne Chisango

The Republic of China has been investing in coal-fired power projects in Zimbabwe, the Lusulu 1 Binga Cola plant, and also including the Sengwa Coal plant which was recently stopped due to the Bank of China which had withdrawn its financial support.

In pursuit towards carbon dioxide emission before 2030, while achieving carbon neutrality before 2060, China hence proposed to stop all coal-fired projects investments outside China.

On the same note, China promised to continue supporting developing countries developing green and low-carbon energy.

Xi Jinping further stated the importance of achieving economic development globally and ensuring that global development is made a priority.

“We need to put development high on the global macro policy agenda, strengthen policy coordination among major economies, and ensure policy continuity, consistency and sustainability,” said Jinping.

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Currently looking at Zimbabwe, it is quite clear that the country relies heavily on coal for the production of electricity, so the move by China to stop all fundings abroad will cripple the sector considering that China is one of the biggest investors in the country.

Zimbabwe’s coal industry has existed for a century, and the country possesses 10.6 billion to 26 billion tons in reserve which is enough to last another 100 years.

In addition to the facility scheduled for Gokwe, Zimbabwe has four coal-fired power plants — in Harare, Munyati, Bulawayo and Hwange towns.

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