China Pledges to End Foreign Coal Financing

China has pledged to end the financing of coal-fired power plants abroad and turn its support to green energy, according to US consultant Global Energy Monitor (GEM).

Speaking at the UN General Assembly recently, Chinese president Xi Jinping said China would “step up support for other developing countries in developing green and low-carbon energy and will not build new coal-fired power projects abroad”.

Reuters notes that China has been under international pressure to end overseas coal financing as part of its updated package of national climate pledges.

It says the latest pledge will affect low and middle-income countries such as Bangladesh, Zimbabwe, Indonesia, Vietnam, and South Africa, which are relying on cheap coal power to fuel economic growth.

Cambodia already has three existing coal-fired power plants that generate 740 mW of power to the main grid. These power plants are located in Stung Hav district of Sihanoukville. (Read more)

There are three other coal power plant projects are in the stage of construction including a 700 mW by Royal Group, located in Koh Kong province, another 700 mW in Stung Hav invested by Cambodia International Investment Development Group Co Ltd (CIIDG), and a 265 mW operated by Han Seng Coal Mines Co Ltd in Oddor Meanchey province.

The three projects were green-lighted in 2020.

HE Suy Sem, Minister of Mines and Energy, recently said that Cambodia will continue to rely on fossil fuels and coal as power sources, so Cambodia requires investment in low-carbon technologies to apply in investment in the power sector.

- Video Advertisement -

Related Post

In 2024, Cambodia Signed New Concessional Loans Totaling USD 1.7 Billion

In a significant move to bolster its economic development, the Royal Government of Cambodia (RGC) has secured new concessional loans totaling approximately USD 1,795.84 million from various development partners (DPs). This marks a 2 percent increase from the previous year’s total. According to the latest Cambodia Public Debt Statistical Bulletin released today, the newly signed […]

Japan Invests Over USD 240K in Cambodia’s Clean Water Initiative

In a significant step towards enhancing access to clean water in Cambodia, the Japanese government has allocated over USD 240,000 for the development of a water supply system in the Kampong Khleang commune, located in Siem Reap province. This funding is part of the Kusanagi Grant Agreement, aimed at supporting Small-Scale Human Security Projects. The […]

Chinese Investors Propose Agro-Industrial Park to Boost Cambodia’s Agricultural Sector

In an exciting development for Cambodia’s agricultural sector, a group of 50 Chinese investors has unveiled plans to establish a cutting-edge agro-industrial park dedicated to processing the nation’s bountiful agricultural products. This ambitious proposal, aimed at transforming Cambodia into a key player in the agricultural trade arena, was revealed during a high-level meeting on March […]

Japan Enhances Cambodia’s Development with Significant Aid Package

In a remarkable commitment to bolster socio-economic progress in Cambodia, the Japanese government has announced a generous grant of 404 million yen, which is approximately USD 2.9 million. This funding aims to support a range of important development projects that will positively impact communities throughout Cambodia. The official signing ceremony took place on February 27, […]

Japan Boosts Education and Healthcare in Cambodia with New Grant Aid

In a significant commitment to support Cambodia’s development, the Japanese government has announced a grant aid of over USD 720,000 to enhance early childhood education and improve medical services in the country. The announcement was made during a signing ceremony with a Japanese NGO in Cambodia, attended by key officials, including His Excellency Ueno Atsushi, […]

ADB Announces Ambitious Expansion of Financing to Tackle Regional Challenges

In a significant move to bolster development across the Asia-Pacific region, the Asian Development Bank (ADB) has unveiled plans to increase its annual financing capacity from USD 24 billion in 2024 to an impressive USD 36 billion by 2034. This 50% expansion aims to enhance ADB’s ability to address pressing regional issues and promote sustainable […]