But unfortunately, three giant coal-dependent countries like China, the US, and Russia did not show their interest in this deal.
Even this is not a good message for us, the US including 20 other countries finally pledged to conclude the public financing on unabated fossil fuel burning through their different projects by the end of 2022. On the other hand,
Based on the recent data, coal still produces about 37% world’s electricity. So, this huge coal-based power generation needs a huge investment to shift itself into sustainable energy production. Especially, considering the country’s present infrastructure and economic condition, India, Poland, and South Africa will require major investment to make their energy sector sustainable.
The discussion so far from all the COP events, it is clear that poorer nations seek strong financial investment or climate change compensation from the rich countries. The major carbon emitters in the world are ethically bound to respect climate justice to reduce carbon emission globally or recover the poor nations’ climate change impacts domestically.
However, it seems the world wants to move in the right ways towards reducing carbon emission, but in reality, there are some gaps we find out in the commitments of the US and China, because they are major contributors to the carbon emission, but they haven’t shown their significant strategic action plan either domestically or abroad.
Just they have announced a few words in the recent global climate events that they are going to cut future investment in the coal-fired plants. Importantly, we must mention here that China declared to stop investment in coal-based power plants abroad, but they didn’t say anything about their domestic actions or strategy regarding their own plants. So, it’s a GAP in the coal pledge taken by China. Similarly, we couldn’t find a clear message and strategic road map from the US regarding the issue.
Without providing a clear roadmap, 19 other potential countries are in a pledge to stop financing fossil fuel projects. That means they have to replace the coal-based projects with other sustainable technologies. Even these announcements about their immediate steps may have a momentary negative impact on government revenue, taxpayers, and local employment; but in the long run, all the global communities must get a return on social, economic, and environmental benefits by this momentary sacrifice in this transformation.
Ending international finance is yet to be in a good shape which definitely goes under a green financing or green bonds investment in the near future. However, we can assume that almost all the major greenhouse contributory countries in the world are morally agreed to end the financial support on coal plants globally.
coal is still known as the sole biggest contributor to global climate change. I new projects due to burning fossil fuels, like coal, oil, or natural gas. This is definitely optimistic thinking for our existence on the earth in any century. So, what will be happened to the existing coal-fired projects at the operation phase globally? We should think about more sustainable technologies and their proper implementation, monitoring, and maintenance to capture the CO2 emissions from the ongoing industries.