Finace And Stock

China Needs to Kick its Coal Habit at Home, Too

China’s pledge to stop financing coal-fired power plants abroad is a welcome move, though the elephant in the room—a very large, sooty one—is at home.

Chinese President Xi Jinpingmade the commitment this week in a speech at the United Nations General Assembly, though he provided no details or timeline. The announcement is significant given that China has been the largest cross-border financier for coal-fired power plants.  According to climate group Global Energy Monitor, China is funding 44 projects with a total capacity of 42 gigawatts, including plants in countries such as Bangladesh and Vietnam.

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