Xi Jinping’s announcement that China will stop funding overseas coal projects could buy the world about three more months in the race to keep global heating to a relatively safe level of 1.5C, experts say. Although the impact will depend on implementation, China’s declaration should also help to kill off coal, which has been humanity’s primary power source for most of the last 200 years. Ending Chinese coal financing has long been near the top of climate activists’ wishlists. For more than a decade, China has been the lender of last resort for overseas governments seeking finance for thermal power plants. That role has accelerated since the 2013 start of the country’s belt and road initiative (BRI).
Guardian 22nd Sept 2021 read more »