Coal instead of the sun: China invests in fossil fuels for BRICS partners
In 2021, Chinese leader Xi Jinping promised to stop financing foreign coal-fired power plants. However, according to an analysis of energy investments in the BRICS countries, Chinese companies are still helping to build new coal-fired power plants for the block, according to Yieh.
BRICS was founded by India, Russia, Brazil and China in 2009. Currently, its members and partners account for about a quarter of the global economy and half of the world's carbon dioxide emissions.
The American analytical center GEM reported that 7.7 gigawatts of new coal-fired power plants are under construction in China, mainly to power nickel plants in Indonesia.
It is noted that despite the fact that BRICS countries such as Brazil, India and China are rapidly developing green energy, and in 2024 it will cover half of the total electricity of the bloc, 10 new members such as Nigeria, Kazakhstan and Indonesia are still dependent on fossil fuels to meet the growing demand for energy.
GEM data showed that these 10 countries use 25 GW of coal, oil and gas, as well as 2.3 GW of solar and wind power plants. Another 63 GW of gas capacity is under development. According to the data, China supports 88% of all new coal-fired power plant projects.