Chinese overseas energy lending dries up, despite pledge to support green projects
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Chinese policy banks have not financed any overseas energy projects in 2021-2022, despite Xi's pledge to support green energy. Lending has declined since 2016.
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From 2000-2022, Chinese banks provided $225 billion in loans for energy projects abroad, more than other major lenders like World Bank.
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But only 1GW of wind/solar capacity has been financed, compared to 12GW from Chinese companies. Loans focus on fossil fuel extraction.
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75 overseas power projects have been suspended/cancelled, especially coal and hydropower due to environment concerns.
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Lending has dropped overall since 2016, not just in energy. There's a shift towards smaller BRI projects, PPPs, and domestic investment.