China will end support for coal-burning power plants abroad, U.S. will add money for developing nations
The two biggest economies and largest carbon polluters in the world announced separate financial attacks on climate change Tuesday, the Associated Press reported from the United Nations.
Chinese President Xi Jinping said his country will no longer fund coal-fired power plants abroad, surprising the world on climate for the second straight year at the U.N. General Assembly. That came hours after U.S. President Joe Biden announced a plan to double financial aid to poorer nations to $11.4 billion by 2024 so those countries could switch to cleaner energy and cope with global warming’s worsening impacts. That puts rich nations close to within reach of its long-promised but not realized goal of $100 billion a year in climate help for developing nations.
“This is an absolutely seminal moment,” said Xinyue Ma, an expert on energy development finance at Boston University’s Global Development Policy Center.
This could provide some momentum going into major climate talks in Glasgow, Scotland, in less than six weeks, experts said. Running up to the historic 2015 Paris climate deal, a joint U.S.-China agreement kickstarted successful negotiations. This time, with China-U.S. relations dicey, the two nations made their announcements separately, hours and thousands of miles apart.
Depending on when China’s new coal policy goes into effect, it could shutter 47 planned power plants in 20 developing countries that use the fuel that emits the most heat-trapping gases, about the same amount of coal power as from Germany, according to the European climate think-tank E3G.
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