The View | Top polluters US and China cannot ignore vulnerable countries in climate change fight

Forty leaders representing the largest emitters and countries most vulnerable to climate change will gather on Earth Day this week at the Leaders Summit on Climate hosted by US President Joe Biden to work out a plan to address the crisis. 

They are expected to discuss actions urgently needed to get the world on track to limit the global temperature rise to 1.5 degree Celsius, as outlined by the Paris Agreement. Ambitious targets are expected to rapidly cut greenhouse gas emissions, advance the clean energy transition and facilitate financial flows to support vulnerable countries.

The United States, Canada and Japan will reportedly announce climate targets of at least a 50 per cent emissions cut by 2030. South Korea and Japan could announce an end to the financing of overseas coal plants, which has been condemned for enriching domestic firms while passing financial, climate and health risks onto host countries. 

China has also shown encouraging signs that the end for its overseas coal financing is fast approaching. The Postal Savings Bank of China has put in place restrictions that will prevent future financing of high-carbon projects such as overseas coal and coal power projects. The People’s Bank of China has also indicated that the government will implement green investment principles and control investment in new overseas coal plants.

Ding Yifan, an expert from the State Council’s Development Research Centre, said China had already stopped financing coal or thermal power plants and focused on developing solar, wind and nuclear projects in host countries in an effort to make the Belt and Road Initiative more green.