China loses billions of dollars in coal-fired power projects
China also faces opposition from the public and environmental activists in the BRI countries. In 2020, more than twenty NGOs gathered in Turkey to protest against Chinese banks investing in a coal-fired power plant in their country.
Unprecedented protests against Chinese funding in Kenya led to the shutdown of the proposed Lamu plant. ICBC was unable to provide even a penny of the $ 1.2 billion in funding.
In Egypt, a 6.6 GW plant was canceled last year. Bangladesh is asking Chinese investors to put money into renewable energy sources instead of coal-fired power plants, The HK Post reported.
As Chinese money flows like water in the BIS countries, few projects really take off. The report points out that “more than $ 65 billion of China-backed coal-fired power plants have either been abandoned, shelved or canceled since 2014, and more projects are experiencing construction delays,” The HK reported. Post.
Of the 52 Chinese-backed coal-fired power projects announced since 2014, only one has come into operation: the 1.3 GW Payra Patuakhali coal-fired power plant in Kalapara, Bangladesh, in 2020.
“At the same time, 25 of the projects announced since 2014 had been abandoned and eight ended up being canceled,” the Green Belt and Road Initiative Center (GBRIC) report said.
At the same time, Chinese President Xi Jinping addressed the United Nations General Assembly a few days ago promising that his country would not build any new coal-fired power projects abroad.
Investments had already started to decline due to internal opposition within the BIS countries. In 2020, according to official reports, no new coal-fired power plants backed by China were announced.
On the contrary, the situation is that BIS countries like Pakistan and Bangladesh have announced the phase-out of new coal investments, The HK Post reported.
The fate of the BIS countries is starting to crumble. Many plants did not take off despite Chinese funding. They were either written off, canceled, or set aside. The list of these includes Zimbabwe, Russia, Cambodia, Egypt, Botswana, Vietnam, Nigeria, Ghana, Romania, Tanzania, Indonesia, Bangladesh, Mongolia, Oman, Malawi, Bosnia and Herzegovina, Mozambique, Sudan, Zambia, Sri Lanka, Greece, Pakistan, The HK Post reported.
Zimbabwe tops this list. He had proudly announced several large projects with Chinese funding worth $ 15.4 billion, but all have been abandoned or canceled in recent years. Even in Russia, projects worth $ 12.5 billion have been abandoned. In Cambodia, projects worth $ 10 billion never saw the light of day. (ANI)