In September 2021, at the United Nations General Assembly, China’s President Xi announced that China would no longer support overseas coal-fired power plants. One of the primary beneficiaries of Chinese public finance in coal has been Pakistan’s energy sector. According to the IEA, between 2015 and 2018, Pakistan’s coal-based generation capacity increased from 148 GWh to 15,930 GWh. Such a ramp up in energy generation capacity was sorely needed. Pakistan faced crippling blackouts, which undermined the investment climate and suppressed industrial output, not to mention energy access concerns
Read MoreLast fall, President Xi Jinping surprised the world with his announcement that China would achieve climate neutrality by 2060. This bold step and accelerates an already long list of major Chinese national efforts that not only will help China transform its domestic economy, but also put China in a leadership position globally with respect to having a mid-century target.
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