China to Stop Funding Overseas Coal Projects

China President Xi Jing Ping said that the country would stop funding new coal-fired power projects overseas.

China has backed coal projects in Indonesia and Bangladesh, among other developing countries.

During the UN General Assembly, Xi vowed to increase efforts to help the world battle the climate crisis.

“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,” Xi said.

“We should foster new growth drivers in the post-Covid era and jointly achieve leapfrog development, staying committed to harmony between man and nature,” Xi added.

The announcement came only hours after US President Joe Biden unveiled a plan to quadruple financial aid to poorer countries to $11.4 billion by 2024 to help them transition to greener energy and cope with the rising effects of global change.

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