China pledges no new coal fired power projects abroad

China’s President Xi Jinping said in an address to the United Nations General Assembly that his country would not build new coal fired power projects abroad, in a move to tackle the carbon emissions.

In his pre-recorded address, Xi did not provide details, but it is expected that this move would reduce the financing of coal plants in the developing world which could reduce around US $50 billion of investment, by Reuters calculations.

"China will step up support for other developing countries in developing green and low-carbon energy, and will not build new coal-fired power projects abroad," Xi said at the annual U.N. gathering. 

China’s financing of overseas coal plants have brought it under diplomatic scrutiny, as the end of these financing could help the world reduce less carbon. The president's announcement could affect 44 projects in both Asia and Africa.

South Korea and Japan previously announced their funding cuts. The three countries were responsible for more than 95 percent of all foreign financing for coal firepower plants, with China making up the biggest bulk.

The U.N. Secretary General Antonio Guterres and U.S. climate envoy John Kerry have asked China to follow the lead of its Asian counterparts.