President Xi Jinping announced a necessary step to control global emissions. After reaffirming his country's climate commitments, Xi said China has begun to make it easier to control other countries' greenhouse gas emissions: new support for renewable energy projects and an end to coal-fired power plants.
China offers many infrastructure projects in developing economies as part of its foreign policy efforts. This often has the side effect of involving Chinese companies and engineers. When these projects involved electricity generation, they often involved China's most widely used resource: coal. Consequently, the number of coal-fired power plants planned for construction in developing countries was significant, and legitimized global carbon emissions targets. The end of this decade and the achievement of carbon neutrality by 2060. But even then, the banks that developed it continued to fund coal plants, and their companies often set them up. However, Xi said in a recorded speech at the United Nations today that this will stop: "China is increasing its support for other developing countries in developing green and low-carbon energy, and" new energy projects do not build coal abroad."
However, all he said was about it, there is still a lot of detail about the timing and extent of the downtime. The most important issue will be how long the projects should last.
This step makes sense for everyone involved. Renewables are currently the cheapest option almost anywhere on the planet, and China produces many of the devices needed for solar and wind energy. It is also following similar decisions in Japan and South Korea. Altogether, these decisions are likely to limit the number of coal plants built and limit the future coal export market.
China stops building coal plants in developing countries
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