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Chinese President Xi Jinping. Photo: Mary Altaffer/Pool/Getty Images

Chinese President Xi Jinping told the UN General Assembly Tuesday that his country "will not build new coal-fired power projects abroad" and plans to boost support for clean energy in developing nations.

Why it matters: The pledge, if maintained, would mark a breakthrough in efforts to transition global power away from the most carbon-emitting fuel.

  • Nations, including the U.S., have been urging China — historically a key source of coal-plant finance — to make such a commitment.
  • Xi's pledge on coal financing comes just weeks before a critical UN climate summit. However, his remarks did not provide any details on the commitment or its implementation timeline.

Yes, but: China is by far the world's largest coal producer and consumer, and it's still building new coal-fired power generation domestically.

Xi reiterated China's pledge to have its greenhouse gas emissions peak before 2030 and to achieve carbon neutrality by 2060, but he did not offer strengthened domestic commitments.

Go deeper

UN climate summit faces serious roadblocks

Illustration: Shoshana Gordon/Axios

When world leaders hold a climate summit in Glasgow in November, success will revolve around two issues that have sunk or slowed past negotiations:

  • How to help developing countries transition to clean energy and how to respond to "loss and damage" — the devastation caused by climate change.

Mind the emissions gap

Illustration: Aïda Amer/Axios

The sprint to secure more stringent emissions reduction commitments ahead of the COP26 summit has petered out well short of the finish line, a new United Nations report out this morning concludes.

Driving the news: The "Emissions Gap" report offers a clear comparison between where emissions need to be to reach the Paris Agreement's goals, and where they actually are. It takes new and preexisting emissions pledges, called Nationally Determined Contributions (NDCs), into consideration.

Oct 26, 2021 - Politics & Policy

Scoop: Biden plan expected to include at least $500B for climate

Photo: Stephanie Keith/Bloomberg via Getty Images

The White House is privately telling lawmakers the climate portion of President Biden's roughly $2 trillion social spending plan is "mostly settled" and will likely cost more than $500 billion, two sources familiar with the talks tell Axios.

Why it matters: A price tag of $500 billion to $555 billion is a huge number and, if it holds, would likely be the single biggest component of the sweeping package. It also isn't far off from the roughly $600 billion proposed when the bill was expected to cost $3.5 trillion.

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