Xi did not provide specific details, but the implementation of the policy could have a significant impact on the financing of coal plants in developing countries. China has been facing pressure to stop its coal financing overseas in order to help the world meet the goals of the Paris climate agreement. Xi's announcement came after similar actions by South Korea and Japan, with the UN Secretary-General and US climate envoy urging China to do the same. Xi emphasized in his address at the UN that China will increase support for developing countries in developing green and low-carbon energy and will not construct new coal-fired power projects abroad. Kerry praised Xi's announcement as a positive step towards success at the upcoming COP26 conference in Glasgow. "We have been in discussions with China for a considerable amount of time regarding this issue. I am very pleased to hear that President Xi has made this significant decision," Kerry stated. Alok Sharma, the leader of COP26, also praised the announcement. "It is evident that the end is near for coal power. I am glad that President Xi has pledged to halt the construction of new coal projects overseas - a major focus of my conversations during my trip to China," he tweeted. Xi spoke following the first United Nations address by US President Joe Biden, who outlined a new phase of intense competition without resorting to another Cold War despite China's growing power. In a composed speech, Xi avoided directly mentioning China's often strained rivalry with the United States, where the Biden administration has prioritized policies for mitigating climate change and sought cooperation with Beijing. Xi reiterated commitments made last year that China would reach a peak in carbon dioxide emissions before 2030 and achieve carbon neutrality by 2060. While some experts have criticized these targets as insufficiently ambitious, they have allowed Beijing to claim the moral high ground on the issue, particularly in contrast to former US President Donald Trump who dismissed climate change as a "hoax" and withdrew from the Paris climate agreement. China, the largest emitter of greenhouse gases in the world, continues to heavily rely on coal for its energy needs. Shortly after taking office in January, Biden made it a priority to reestablish US leadership on climate change by rejoining the Paris agreement. Justin Guay, director of global climate strategy at the Sunrise Project, praised China's decision to stop public financing of coal, stating that it will significantly impact global coal expansion. UN Secretary-General Guterres also applauded Xi's move on coal and Biden's commitment to doubling funds to $11.4 billion annually by 2024 to assist developing nations in addressing climate change. In a statement, he emphasized that speeding up the global elimination of coal is the most crucial action to achieve the 1.5-degree target of the Paris Agreement. Prior to this, Biden spoke about the importance of democracy and the need to allow people to live freely, indirectly referencing China. He also condemned the mistreatment of minorities, mentioning Xinjiang in China as well as other regions where abuses are occurring. China denies any wrongdoing in Xinjiang. Relations between the world's top two economies have deteriorated significantly in recent years due to various issues including human rights and lack of transparency regarding the origins of COVID-19. Xi Jinping emphasized the importance of avoiding forming exclusive groups or engaging in zero-sum games, possibly alluding to the US-led Quad forum. China has expressed concerns about an escalating arms race in the region following the announcement of the AUKUS alliance between the US, UK, and Australia. Despite criticism of his handling of the Afghanistan withdrawal, President Biden has stated that this will allow the US to focus on the Indo-Pacific region. Xi Jinping criticized military intervention and attempts to impose democracy from outside, appearing to take a swipe at the US.