Jeffrey Ball | The Developing World Is Falling Short on Emissions Reductions – The New York Times

Mr. Ball, a writer focusing on energy and the environment, is the scholar in residence at Stanford University’s Steyer-Taylor Center for Energy Policy and Finance and a lecturer at Stanford Law School.

Nowhere is cutting carbon emissions more crucial than in the world’s emerging and developing economies, where the thirst for energy, and the output of carbon dioxide, is rising the fastest. New power plants there will lock in the trajectory of global warming for decades to come.

But here’s the big problem: Fifty-two percent of new power generation financed in those countries from 2018 through 2020 is on track to be inconsistent with the global goal of keeping Earth’s average temperature from surpassing 1.5 degrees Celsius above preindustrial levels. That’s the threshold scientists have said is crucial to stave off particularly disastrous effects from global warming.

The biggest foreign financiers of these projects were in Japan, China and South Korea. But significant funds have also been coming from banks, utilities and other companies in the countries themselves.

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