China financed more than a quarter of all coal plants announced outside the country last year according to a new report, putting its clean energy image at risk as Chinese institutions fund coal-fired projects in emerging markets.
Chinese institutions last year provided $36bn of financing for coal plants outside the country, 26 per cent of the 399 gigawatts of such plants planned or committed last year, according to a report published by the Institute for Energy Economics and Financial Analysis (IEEFA), a US-based non-profit.
As development banks scale back or completely halt their investment in coal-backed energy projects, China has emerged as a chief lender for such power plants, putting its international policies at odds with its domestic agenda to cut coal use, reduce carbon emissions and boost consumption of renewable energy.