‘Game-changer’: China suspends foreign exchange | Climate Change Issues

Chinese President Xi Jinping has said that China will no longer support funding for the construction of nuclear power plants abroad, which is shocking the world for the second time next year at the United Nations General Assembly.

China has supported coal operations in developing countries including Indonesia and Bangladesh and has been under intense pressure from spies to raise funds to help the world achieve the goals of the Paris climate agreement.

Xi’s announcement Tuesday followed suit in South Korea and Japan earlier this year.

“China is also encouraging other developing countries to produce green and greenhouse gas emissions, and will not create new foreign power projects,” Xi said in a pre-recorded video at the annual UN summit.

The pledge came just hours after US President Joe Biden announced a plan to increase funding for developing countries to $ 11.4bn by 2024 to help those countries switch to clean energy and tackle global warming.

Although Xi’s rhetoric has not been briefly outlined, these experiments could give impetus to COP26, a major global dialogue that is set to begin in the Scottish city of Glasgow in late October.

“This is a momentous moment,” said Xinyue Ma, an economics economist at Boston University’s Global Development Policy Center.

Chinese President Xi Jinping addressed the 76th session of the United Nations General Assembly in a prearranged video, and China has stopped funding foreign embassies. [Mary Altaffer/Pool via AP Photo]

Based on the well-known 2015 climate agreement in Paris, the US-China cooperation agreement helped initiate negotiations.

United States weather forecaster John Kerry has readily received Xi’s announcement, calling it a “major donation” and a good foundation for Glasgow.

“We have been talking to China for some time about this. And I am very happy to hear that President Xi has made this important decision,” Kerry said in a statement.

Alok Sharma, Britain’s prime minister who heads COP26, also praised Xi’s announcement.

“Obviously the style is on the wall for charcoal. I welcome President Xi’s commitment to stop building new charcoal plans abroad – a key topic in my discussions on my trip to China,” he said on Twitter.

‘A real reformer’

Climate advocates have also received the pledge from the world’s largest greenhouse gas emissions.

From 2013 to 2019, data shows that China was paying for 13% of the coal-fired power plant built outside of China – “far from a major economy,” according to Kevin Gallagher, head of Boston University.

The 350.org weather protection team says Xi’s announcement is “significant,” saying it could be a “game changer” depending on how long it takes effect.

Helen Mountford, vice president of climate change and economics at the World Resources Institute, said this had “completely changed the world’s oil and pollution.”

“China’s pledge shows that the global coal crisis is being extinguished,” he said, but noted that Beijing continued to sell coal at home.

China imported 38.4 megawatts of new electricity using coal last year – more than three times the amount used worldwide.

The NGOs in a letter drafted this year said the state-run Bank was the largest donor to coal, and provided $ 35bn since the Paris agreement.

Xi repeatedly promised last year that China would benefit more from carbon dioxide before 2030 and that it would not be politically neutral before 2060.

Some analysts have criticized the plans for not seeking prominence, although promises have allowed Beijing to explain what could happen after US President Donald Trump, who described climate change as “false”, abandoned the Paris agreement.

One of Biden’s first actions in January was to bring the US back to the Paris agreement.

“China was the last person to stand up. If there was no coal money from China, then oil prices would increase worldwide,” said Justin Guay, director of global global strategy for the Sunrise Project. oil, promises Xi.

Guterres welcomed Xi’s view on coal and Biden’s commitment to helping developing countries cope with climate change.

“Multiplying the world by coal is one of the most important steps in achieving the goal of the 1.5 Treaty in Paris,” he said in a statement.

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