Donald Trump’s ‘let’s go with coal’ strategy is giving China a massive opening in the future of electricity.
What a difference a year makes.
The United States is no longer led by President Obama.
His commitment to combatting climate change has been both ridiculed and abandoned by ‘let’s go for coal’ Donald Trump.
China to the rescue
From a global vantage point China has come to the rescue in some ways.
China’s two global policy banks — the China Development Bank (CDB) and the Export-Import Bank of China (EXIM) — are becoming the largest sources of energy finance for governments across the world.
Since 2000 these two Chinese banking institutions have provided upwards of $160 billion in financing to foreign governments ($43.2 billion in 2016 alone).
That is close to triple the average annual energy lending of the World Bank and all the Western-backed multi-lateral development banks combined.