Guest essay by Eric Worrall
The Minerals Council of Australia has pushed back at coal divestment campaigns, by pointing out that Japan has joined the Asian infrastructure rush, by offering “climate finance” loans to aid the construction of up to 1000 new high tech coal power plants throughout Asia.
According to The Australian;
More than 1000 “high-efficiency” coal-fired electricity generation plants are planned or under construction in key Asian nations, according to new research that provides a fillip for Australia’s thermal coal exporters hit by the fossil fuel divestment push.
The research, produced by the UK’s IEA Clean Coal Centre and obtained by The Australian, is significant as the hi-tech plants typically emit 20 to 25 per cent less carbon dioxide than existing power stations.
Commissioned by the Minerals Council of Australia, it finds that an extra 1066 “high-efficiency, low-emission” coal plants are planned or under construction in 10 Asian nations to provide 672 gigawatts of capacity — more than 24 times that of Australia’s coal-fired fleet.
Despite a wave of bans on coal by multilateral lenders, Japan has designated loans for coal plants in India, Indonesia and Bangladesh as climate finance.
Earlier this year, WUWT revealed how Asian countries, frustrated at the Obama’s attempt to push climate orthodoxy on global banking institutions, were turning to China to finance their energy infrastructure.
Now that Japan has joined the Asian coal power rush, I think it is fair to say President Obama has completely lost control of the global energy development narrative. All he has succeeded in doing, is to lock American interests out of a gigantic business opportunity. Obama has given America’s economic rivals a free pass to make money, while far too many of his fellow Americans worry about where their next paycheque is coming from.