In its effort to reach its climate goals, China has vowed to stop financing new coal power projects abroad, a groundbreaking decision that contributes to the decarbonizing of the planet’s energy supply.
“China’s pledge shows that the firehose of international public financing for coal is being turned off,” says Helen Mountford, Vice President for Climate and Economics at the World Resources Institute. “China’s commitment, coming on the heels of recent pledges by South Korea and Japan, represents a historic turning point away from the world’s dirtiest fossil fuel.”
President Xi Jinping’s pledge is part of his country’s need to “actively respond to climate change and create a community of life for man and nature”. To that extent, China plans on reaching its peak of emissions before 2030, and carbon neutrality by 2060.