Chinese President Xi Jinping announced during his speech at the United Nations General Assembly on 21st September that the country will no longer fund coal-based overseas projects. He affirmed China’s commitment to ameliorating the effects of climate change and said that his country will target net zero carbon emissions by 2060.
“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” he said around the 7:35 mark of his video address to the meeting.
China is the world’s largest consumer of coal, and produced 70% of its electricity from it. It has financed more than 100 coal-based projects around the world and invested more than $244 billion in energy investments globally since 2000.
Earlier this year, South Korea and Japan made similar moves. South Korea announced ceasing of funding for international coal-based power projects, while Japan plans to retire 100 “inefficient” plants by 2030.
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