China has kept its promise to stop funding overseas coal, but loopholes are helping coal expand

Addressing the U.N. General Assembly in 2021, Chinese President Xi Jinping pledged to stop funding overseas coal power plants in an effort to help curb climate change. Five years later, as the assembly meets this week, the world’s climate commitments are dangerously offtrack, and the phase down of coal is inching along.

So far, China has canceled the majority of the coal plans it had planned in 2021, according to a new report released this week to align with the General Assembly and New York Climate Week. This is a small bright spot in global efforts to counter climate change, which has driven deadly disasters in Asia in recent months.

But experts have warned that Chinese companies are taking advantage of regulatory loopholes to skirt Xi’s promise and continue investing in overseas coal.

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