China to stop coal funding

NEW YORK: China will stop funding coal projects overseas as part of the global push to cut emissions, President Xi Jinping said on Wednesday.

Mr Xi (pictured) made his announcement at the UN General Assembly in New York, where US President Joe Biden – who is seeking to show leadership in a growing competition with China – promised to double Washington’s contribution to countries hardest hit by climate change.

China is still investing in coal at home, reducing the impact of Mr Xi’s commitment, but it is by far the largest funder of coal projects in developing countries such as Indonesia, Vietnam and Bangladesh as it goes on a global infrastructurebuilding blitz.

Mr Xi vowed to accelerate efforts for China, the world’s largest emitter, to go carbon neutral by 2060. “We will make every effort to meet these goals,” he said in a recorded address. “China will step up support for developing countries in developing green and low carbon energy and will not build new coal-fired power projects abroad.”

China’s announcement follows similar moves by South Korea and Japan, the only other nations that offered significant funds for coal projects.