In his speech via video at the General Debate of the 76th Session of the United Nations General Assembly on Tuesday, President Xi Jinping pledged China would end the construction of new coal-fired power projects overseas and step up its support for the use of green and low-carbon energy in developing countries.
Replacing coal-fired power plants with renewable energy is an irreversible trend of the times. The G7 countries have also pledged to stop building new coal-fired power projects abroad before the end of this year, and a growing number of developing economies, including Bangladesh, Pakistan, Indonesia and Vietnam, have set limits to the construction of new thermal power projects.
In line with that trend, China's investment in the thermal power projects abroad has kept decreasing over the past few years, while its investment in the renewable energy projects in foreign countries has been constantly growing. Last year, China's investment in renewable energy projects, including solar, wind and hydro power, accounted for about 57 percent of its overall investment related to energy.
But the decision to stop building new coal-fired power projects overseas is a clear signal of intent, and consistent with China's green and low-carbon development path and shouldering of its responsibilities to help the world to realize the objectives set out in the Paris Agreement on climate change.
With China helping developing countries pursue green and low-carbon development based on renewable energy, it is predictable that the Belt and Road Initiative will enter a new stage of green and high-quality development.
And when a door is closed, a window may open. With coal power effectively off limits for Chinese investment, more funds will flow into the renewable energy sector, which will boost the development of renewable energy-related technologies, and promote positive interactions between technology and the market.
President Xi has already promised China will "strictly control" new domestic coal power capacity over the 2021-25 period, with the country set to reduce coal consumption in 2026 to achieve its goal of peaking carbon emissions before 2030. And with the direction set to end investment in overseas coal-fired plants, it is anticipated that China will step up its efforts to wean its own economy off coal, with more investment being channeled to renewables.
President Xi's announcement was therefore momentous and it is viewed as heralding the end of international public financing for coal-fired plants. That would give an immense boost to the global pursuit of carbon neutrality, which would be of historic significance.
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