"We are alarmed and disappointed that while South Korea professes to shift away from coal under its new climate change policy, its own state-controlled electric utility will proceed with the development of the Jawa 9&10 coal project."
During a series of meetings by Japanese and Korean companies involved in coal energy, anti-coal protesters across Asia and Australia held protest actions to call on top financiers from Japan and Korea to adopt a total coal exit policy.
With the world reeling from the impacts of the Covid-19 pandemic, it has become increasingly clear that the assumption that the crisis can be dealt with using the usual set of orthodox tools is exceedingly flawed. Recognizing the extraordinary nature of the global crisis, even the World Bank and the International Monetary Fund (IMF) who recently announced that they would cancel $215M debts owed to them by 25 countries that were facing a "moderate or high risk of debt distress" – for countries with a GDP per person that is below $1,145 a year.
The International Monetary Fund issued its verdict on the Covid-19-stricken global economy: worst downturn since the Great Depression of the 1920s. Gita Gopinath, Chief IMF Economist, projected a growth rate of minus 3 for the world economy, a minus 6 for the developed countries, and a minus 1 for emerging and developing countries for the entire year of 2020 ("The Great Lockdown," IMF Blog, April 14, 2020). The Philippines, one of the countries waiting for the Covid-19 infection curve to fall and flatten, belongs to the last category; it is also one of the worst hit in Asia.