US to Press China to Declare Moratorium on Financing Coal Projects
The Wall Street Journal, citing people familiar with the matter, reported that US President Mr Joe Biden’s special envoy for climate Mr John Kerry is reportedly looking to push China to issue a moratorium on financing coal projects during a trip to the country. US officials are looking for China to declare a formal pause as Beijing has yet to fund any new foreign coal plants or investments this year.
This is the first year Beijing has not launched new funding for foreign coal projects since 2013, when it launched its Belt and Road Initiative focused on developing global infrastructure to connect East Asia in new ways to areas in the Middle East, Africa and Europe.
However, the Journal reported that people familiar with Chinese leaders’ thinking said they do not want to appear as though they are submitting to pressure from the West, instead looking to set their own standards on fighting climate change.
Additionally, the sources close to the Chinese policymakers said that despite some movements indicating openness to combating climate change, Beijing is still looking to portray itself as an advocate for developing countries that wish to continue using coal.