G7 supports developing countries to abandon coal power
A coal-fired power plant in Indonesia. Japan and the United States are expected to be the main contributors to the Southeast Asian nation’s coal phase-out efforts. Photo: Reuters
Coal generates 37% of the world’s electricity but is also the most polluting and emits the most greenhouse gases. Therefore, reducing coal power is key to achieving environmental goals. However, due to the low cost and abundant supply, many countries still depend on this energy source.
In Asia, a region that accounts for 60% of the world’s population and produces half of the world’s goods, coal use is increasing, not decreasing. Demand for coal continued to peak last year as countries needed more energy to recover from the epidemic.
Therefore, the group of leading developed countries (G7) is speeding up financial and technical support to help developing countries convert electricity production mainly from coal power to renewable energy.
The G7 will expand the framework of support agreed at the COP26 Climate Conference. Initially, G7 will support Indonesia, Vietnam, India and Senegal. Japan and the US are expected to be the main donors to Indonesia, while G7 members and the European Union (EU) act as partners.
Indonesia is the world’s largest coal exporter. Indonesia insists its plan is to phase out thermal power by 2056 and be carbon-free by 2060. To do so, Indonesia needs $200 billion a year this decade to invest in clean energy.
The UK and EU will be the main supporters for Vietnam, while the US and Germany will support India. The amount of support for each country will be discussed in the future. The initiative will also tap the Asian Development Bank’s (ADB) funds and funding scheme to soon shut down coal power plants in Southeast Asia.
At last year’s COP26, countries, including the United States and the United Kingdom, pledged $8.5 billion to help South Africa accelerate renewable energy development and shut down thermal plants. coal-fired electricity. Now, the G7 wants to expand this initiative to other developing countries. As early as the end of this month, the G7 environment, climate and energy ministers will meet to discuss and possibly agree an agreement on this issue.
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