China risks wasting $490 bn on coal plants: campaigners

The Asian giant's rise to become the world's second largest economy has largely been powered by coalChina could waste as much as half a trillion dollars on unnecessary new coal-fired power stations, a climate campaign group said Monday, arguing the world’s top carbon polluter already has more than enough such facilities. Many of China’s giant state-owned coal mining firms are unviable and plagued by overcapacity, but the ruling Communist Party is reluctant to turn off the financial taps and risk widespread unemployment, with its potential for anger and unrest. As of July, China already had 895 GW in coal-fired power stations — representing more than half its electricity generation — said the London-based Carbon Tracker Initiative, which argues for limiting carbon emissions using financial data.

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