- China to stop funding coal projects abroad.
- China will also support developing countries in the adoption of low-carbon energy sources.
- China’s President had last year pledged to make the country carbon neutral by 2060.
China’s President Xi Jinping has said that the country will stop constructing new coal-fired power plants abroad. President Jinping made this known during his virtual address at the United Nations GerGeneral Assem ” on Tuesday. “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 stated. China is funding over 70 per cent of all plants being built, although the country didn’t finance any coal projects under its Belt and Road Initiative in the first half this year, the first time since it launched the initiative in 2013.
Last year, the President had pledged to herald China towards carbon-neutrality by 2060; however, the country’s coal consumption is set to hit a record high this year. However, many countries call on the government to set short-term goals to indicate its commitment to the 2060 targets. Currently, China is still developing an official road map to achieving zero emissions. The current plan aims to cut carbon emissions per unit of GDP by 18 per cent and energy use per unit of GDP by 13.5 per cent over the next five years. China also plans on boosting the use of non-fossil fuel use for energy production to 20 per cent.