The Bank of China has said it will no longer provide financing for new coal mining and coal-fired power projects overseas from next month.
It said in a statement that it had recently drawn up an action plan to help China meet its target of reaching peak carbon emissions by 2030 and achieving carbon neutrality by 2060. "If Xi's pledge includes China's commercial banks too, this is more ambitious than anything the West has done," Kevin Gallagher, director of the Boston University Global Development Policy Centre, posted on Twitter.
China's investment in overseas coal-fired power projects has dropped sharply in recent years and it did not finance or invest in any coal projects in Belt and Road Initiative countries in the first half of 2021.
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