Europe Seen Leading G-20 in Coal Plant Exit as China Adds More

(Bloomberg) -- As Britain, Italy and France lead efforts by the Group of 20 major world economies to phase out coal, progress by the rest of the bloc is sputtering, a new report shows.

G-20 nations reduced coal use as a primary energy source by just 0.9% in 2012-2017, according to Climate Transparency, a group of about 14 national environment lobby groups from around the world. China, India and Turkey are planning to add new coal-fired power output equivalent to the total generating capacity of Germany and France.

A near-total cut in coal and other fossil fuel-fired power globally is required by 2050, including a two-thirds reduction by 2030, in order to meet the goals of the Paris climate agreement, Climate Transparency said, citing the 2018 report from the Intergovernmental Panel on Climate Change.

Significant climate movements in North America and Europe, where the “Fridays for Future” student strikes for environmental action are prevalent, are yet to resonate in Asia where coal power is developing fastest. While the Paris accord has global support, it needs to be backed by concerted action from G-20 nations to realize its goals, the lobby group said.

Most coal power plants are financed by institutions in G-20 states with China, Japan and South Korea the biggest providers of investments and loans that are partly transacted by government-owned development banks, said Climate Transparency. Some of these institutions continue to finance coal abroad, in spite of pledges to end coal domestically, according to the report.

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