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China finances most coal plants built today - it s a climate problem and why US-China talks are essential
Jeff Nesbit, Yale University
FacebookTwitterEmail Jeff Nesbit, Yale University
(THE CONVERSATION) As nations gear up for a critical year for climate negotiations, it’s become increasingly clear that success may hinge on one question: How soon will China end its reliance on coal and its financing of overseas coal-fired power plants?
China represents more than a quarter of all global carbon emissions, and it has spent tens of billions of dollars to build coal power facilities in 152 countries over the past decade through its Belt and Road Initiative. Roughly 70% of the coal plants built globally now rely on Chinese funding.
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The Biden administration plans to ratchet up the country’s own commitments to reducing emissions while pressing emerging economies such as China and India to curtail construction of coal-fired plants and Brazil to preserve more of the Amazon.
All told, the U.S. was not a participant in the Paris Agreement framework for only a few months.
On his first day in office, President Biden signed an order to rejoin the agreement. Just 30 days after Biden’s signature, the U.S. became a party to the accord once again on Friday.
But that s just a starting point for climate action. A group of states, cities and companies welcomed the milestone by launching a new coalition to push the Biden-Harris administration toward a more aggressive national commitment to cut greenhouse gas emissions.
Under the Paris Agreement, the Obama administration pledged to cut overall U.S. emissions by 26 to 28 percent from 2005 levels by 2025, but those reductions along with commitments from other countries are insufficient to keep temperatures below what scientists say are the most dangerous levels of warming.
The United States officially rejoins the Paris climate accord on Friday, under a new White House that is promising to take an aggressive role in the global effort to significantly cut greenhouse gases to save the planet.