The Asian Infrastructure Investment Bank (AIIB) welcomed China’s announcement that it would increase support for low.carbon energy production in developing countries and stop building new coal exploitation projects abroad. Chinese President Xi Jinping said in a video statement a few days ago. at a session of the United Nations General Assembly, announced the country’s decision to suspend investments in coal.fired power plants abroad.
“China will step up its support to other developing countries in promoting green and low.carbon energy and will not build new coal.fired energy projects abroad,” Xi said.
AIIB President Djin Lichun said it was a brave and consequential step for China and the rest of the world.
“It is also a clear signal of the country’s concrete commitment to global efforts to address one of the most pressing issues of our time,” he said.
Djin stressed that the international community must continue to work together to achieve a clear path towards achieving the goals of the Paris Agreement as soon as possible.
“AIIB is committed to working with China and all our members in their efforts to implement their obligations under the Agreement to put our world on the path to a sustainable future,” he said.
AIIB has set a goal to invest half of its annual direct funding in projects related to climate change mitigation by 2025.
The bank announced that in 2020, 41% of its total funds went to climate financing.
At the 75th session of the UN General Assembly, in September last year, Xi said that China aims to reach the peak of carbon emissions before 2030 and achieve carbon neutrality by 2060.