Environment

Climate Change: President Xi Jinping Vows To End Chinese Funding Of Coal Plants

Climate change: President Xi Jinping vows to end Chinese funding of coal plants abroad at the United Nations General Assembly (UNGA)

China had come under increasing international pressure to end to overseas coal financing as part of its updated climate plans to the United Nations, but domestically it remains the biggest consumer of coal in the world by far.

China will stop funding new coal-fire projects abroad, President Xi Jinping announced at the United Nations General Assembly (UNGA).

China was the last significant public financier of overseas coal – predominantly in Africa and Asia – delivered under its enormous global infrastructure project known as the Belt and Road Initiative (BRI).

But international pressure on Beijing to stop financing the most polluting fossil fuels has intensified, as the world attempts to meet Paris Agreement targets to prevent runaway climate breakdown.

In a pre-recorded video address, President Xi told the UNGA China will “step up support for other developing countries in developing green and low-carbon energy, and will not build new coal-fired power projects abroad”.

Bernice Lee, director of Futures at global affairs think tank Chatham House, said recipient countries were already “moving away from [coal] plants anyway”.

“But it is a big deal, credit where credit is due,” she said. “It is important that this is now formalised and locked into the system.”

The move could be a significant step towards tackling global emissions, potentially culling $50 billion of investment across 44 projects, according to US think tank Global Energy Monitor (GEM). The Chinese President did not specify when the commitment would come into effect – although his country has not directed any BRI funding toward coal power plants so far this year.

THE HARMATTAN NEWS

Environment

Climate Change: President Xi Jinping Vows To End Chinese Funding Of Coal Plants

Climate change: President Xi Jinping vows to end Chinese funding of coal plants abroad at the United Nations General Assembly (UNGA)

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