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A senior American diplomat let slip that North Korea makes $1 billion a year on coal exports, mostly to China. That will come as a surprise to anyone who puts faith in UN sanctions to block Pyongyang's nuclear program. It is also grim news for Chinese coal producers, who are on the verge of financial collapse.
In recent years, rich Western countries and international financial institutions have adopted policies to restrict the construction of new coal power plants overseas. However, China has now risen to become the largest global provider of public financing for such projects – and is powering full steam ahead. Though they contradict Beijing’s global climate obligations...
Dr. Frank Umbach