Coal news and updates

China to stop funding overseas coal-fired power plants

China will stop supporting the development of coal-fired power plants in other countries, President Xi Jinping said at the United Nations General Assembly on Wednesday.

The move will be a big hit for the funding of coal-fired plants worldwide as China is a major financier of the sector. According to a report by the International Institute of Green Finance (IIGF) in July 2021, more than 70% of all coal-fired power plants built today depend on Chinese funding.

“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 in a video address to the United Nations General Assembly.