China halted all construction and funding of and Belt and Road Initiative-related coal projects last year, but oil and gas initiatives in those countries tripled, reports the South China Morning Post. According to a study published by Fudan University, China’s oil and gas ventures—investment and construction—in the 144 nations covered by the BRI tripled to $10.9 billion last year from $3.7 billion in 2020.
However, support for renewable energy—hydro, solar and wind—projects declined to $10 billion last year from $12.5 billion in 2020 and $16.4 billion in 2019.
Investments in energy, transport and infrastructure construction made up the bulk of China’s engagements in belt and road countries last year, which amounted to $59.5 billion, slightly lower than $60.5 billion in 2020. It was, however, 48% lower before the pandemic in 2019.