China will host a trillion-dollar investment summit this weekend amid rising concerns that its funding of overseas coal projects could swamp efforts to keep global warming to less than 1.5C. The Belt and Road forum, which opens on Friday in Beijing, has been billed by climate campaigners as a pivotal moment that will determine whether China uses its vast financial weight to nudge the world towards renewable energy or continues to promote expansion by its fossil fuel companies. In recent years Chinese banks have become the lenders of last resort for coal projects in south Asia, Africa and the Balkans that the World Bank and other international institutes have refused to fund because this dirtiest of fuels is the primary source of carbon emissions from electricity generation. Although China has won kudos for trying to clean up its environment by cutting dependence on coal, its companies are making up for lost business at home by expanding overseas. Most of their funding comes from the Belt and Road Initiative (BRI). The strategy will be reviewed at the Second Belt and Road Forum for International Cooperation, which will run until 27 April and will be attended by the UN secretary general, Antonio Guterres, the International Monetary Fund head, Christine Lagarde, and 37 heads of state.
Guardian 25th April 2019 read more »
China launched an “international green development coalition” on Thursday, in the face of growing concern about its coal investments. The environment ministry hosted an event on the “green belt and road” as part of a leaders’ summit in Beijing to promote Chinese investment in partner countries.
Business Green 26th April 2019 read more »