OXFORD: Some of the most influential players in the global economy are spearheading the shift toward a clean, green, emissions-free world, even while key governments stand idle.
Three Japanese coal-plant projects have been cancelled or delayed this year. And at the global level, the International Energy Agency reports that investments in coal-power plants hit a century low in 2018, while more coal generators were retired.This trend will become more pronounced as the number of financial firms shifting from fossil fuels continues to grow. Consider the headlines since March.
And the world’s largest investor in overseas coal projects, the Oversea-Chinese Banking Corporation, said it would end financing for coal-power plants , while China’s State Development and Investment Corporation announced plans to stop investing in new coal-fired plants and focus on new energy sources.More broadly, the Investor Agenda for a low-carbon world has attracted 477 signatories, representing around US$34 trillion in assets under management.
Moreover, according to the IEA, while coal investments have fallen, capital spending on oil, gas, and coal nonetheless bounced back in 2018, and investment in energy efficiency and renewables stalled.