China Pledges to Stop Financing Coal Projects Abroad

News Flash

  • China has pledged to stop building overseas coal-fired power plants, potentially ending a major source of financing for the sector.
  • “China will not build new coal-fired power projects outside the country,” president Xi Jinping said at the UN General Assembly yesterday in a pre-recorded address.
  • Chinese President Xi Jinping said that China would help developing countries build green energy production instead. 

China is the main funder of coal projects in Africa. Chinese financial institutions are involved in 13 projects of 11 400 MW in eight countries which translates to around 76% of the total pipeline on the continent. Read more 

A timetable for China to withdraw from the sector was not specified.

Author: Bryan Groenendaal

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