China's coal support continues with EUR 27.8bn finance promise

Unlike many other nations around the world these days, China continues to support the use of coal, with the country's central bank now offering a relending program to domestic banks to back more efficient consumption of the dirtiest of fossil fuels.

Photo: Jason Lee/Reuters/Ritzau Scanpix

China continues to set itself apart from global peers when it comes to coal, allocating more than CNY 200bn (EUR 27.7bn) in financing at a time when most global banks are shunning the fuel.

The country's central bank will use its relending program to provide loans to national banks to finance so-called clean coal projects at preferential rates, according to a statement posted on a government website detailing a State Council meeting chaired by Premier Li Keqiang.

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