Who wants to destroy Southeast Asia’s energy sector and why

According to the calculations of the International Energy Agency, a fifth of all global greenhouse gas emissions come from coal. More precisely, the coal-fired power plants using it. They are especially widespread in Asia, the development of the energy sector of which is seriously lagging behind the global trend of transitioning to renewable energy sources, or at least natural gas. There, "dirty" coal still dominates, but the British say they have found a solution to this problem.

The British insurance company Prudential, together with the Asian Development Bank (ADB), has presented a large-scale plan to combat global warming. It involves the purchase of coal-fired power plants with their subsequent "transfer to carbon neutrality fifteen years earlier”.

Behind this streamlined phrase is actually the idea of a rapid reduction in the volume of electricity generation with the subsequent complete liquidation of coal-fired power facilities.

The idea may seem like a pure whim of the next "green freaks”, but it has already been actively supported by the large multinational financial holdings HSBC and Citi. This means that a lot of money is being poured into the project, which raises a question: why would bankers and insurers suddenly have such a strong philanthropy?

The answer is in the question itself. Interest in coal-fired power plants in Asia did not arise from scratch. After the proclamation by China in November 2020 of the “Regional Comprehensive Economic Partnership” (RCEP) based on the Association of Southeast Asian Nations (ASEAN), the formation of a closed Chinese economic cluster in the region became only a matter of time.

According to Beijing's statements, it will take about 15 years for the final formation of the necessary norms, rules and mechanisms in the RCEP. While the United Nations and the United States, which are intensifying the fight to save the planet from global warming, have agreed with the governments of Asian countries to "get away from coal" no later than 2035-2040.

Against this background, "15 years earlier" is seen with completely new colours. If initially the agreements were based on the idea of the gradual technical re-equipping of the Asian power generation for gas (in the LNG variant, mainly of American origin), now the "concept has changed".

A conglomerate of multinational insurers and financiers is forming in the Western world, intending to buy out the coal-fired power plants of Asia in a short time, before China closes the borders of the cluster, and close them at a rapid pace. Formally, of course, for the sake of caring about the environment. In fact, it is to put another stick into the accelerating mechanism of economic growth in the Asian region.

According to Wood Mackenzie’s experts, in 2018, the energy needs of Southeast Asia were 1.05 PW p/h. By 2040, energy consumption is expected to increase to 2.46 PW p/h. The share of "coal" in this figure is estimated at 36%. Consequently, the forced accelerated knocking out of coal-fired power plants, in addition to official concern for nature, will also reduce the economic growth rates of the Southeast Asian countries by half. And given their integration into the framework of the RCEP, it also significantly slows down the development of the economic power of the entire emerging "Chinese" cluster.

The plan looks great. It's a small matter, we need to find a way to force the Asian owners to sell their coal-fired power plants to the conglomerate. And they, given the prospects, do not feel such a desire. So, we should expect that at the upcoming UN international climate conference COP21 in Glasgow (Scotland), scheduled for November this year, the "fighters for the environment" will make attempts to implement some tough measures to twist the arms of the governments of the Southeast Asian countries.

It is still difficult to say what exactly this will result in, but one doesn’t need to go to a fortune teller to know that the lobbyists of the conglomerate will violently force them to "protect the environment", not shying away from using blackmail.