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Saturday, November 26, 2022

China’s ban on foreign coal investment overtakes Zimbabwe

Zimbabwe’s plans to refurbish two waste coal-fired power stations have been put on hold by China’s decision to ban investments in the dirtiest fossil fuel-burning plants outside its borders.

Zimbabwe relied on China to help it acquire the Bulawayo Power Station, which has a design capacity of 90 MW, and the Munyati Power Station, meant to generate 100 MW to produce electricity to fill a chronic shortage in the southern African country. To do.

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“There is no funding for the coal plants, Sydney Gata,” the chairman of state-owned Zesa Holdings Ltd said in an interview on Wednesday. “We don’t have any plans yet,” adding that while he has been in communication with potential investors, the decision was made nationally.

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China’s decision last year has affected several other coal projects globally. The Asian country’s largest lender, the Industrial and Commercial Bank of China Ltd, last year abandoned plans to fund a $3 billion coal mine and power-plant complex in Zimbabwe to be developed by RioEnergy, a unit of RioZim Ltd. was being done.

Zimbabwe’s Energy Secretary Gloria Magombo did not immediately respond to email questions requested by her.

The Bulawayo and Munyati plants were built between 1946 and 1957.

Zimbabwe has an installed capacity of producing 2,100 MW, but produces an average of 1,200 MW to 1,300 MW. When possible, it makes up for the shortfall through imports.

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