China’s carbon reduction target looks elusive as banks keep throwing cash at coal mines and power plants, undercutting Xi Jinping’s plan to slash fossil fuels

Apr 3, 2021 | INVESTING

On an unseasonably warm autumn day last October, the world’s largest coal-fired power plant fired up in the Anhui provincial city of Huaibei in eastern China.Sitting in an economic development zone carved out of verdant paddy fields, phase two of Shenergy Group’s Pingshan power plant is installed with 1,350 megawatts of generation capacity, enough to meet the annual needs of 1.1 million households. Almost four years after receiving the construction approval, the plant was formally connected to…

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