Xi's announcement did not include specific details, but the implementation of the policy could have a significant impact on the financing of coal plants in developing countries. China has faced pressure to stop its coal financing abroad in order to help the world meet the goals of the Paris climate agreement. Xi's decision follows similar actions by South Korea and Japan earlier in the year, and both UN Secretary-General Antonio Guterres and US climate envoy John Kerry have encouraged China to follow suit. In a pre-recorded video address at the annual UN gathering, Xi stated that China will increase support for developing countries in the development of green and low-carbon energy, and will not construct new coal-fired power projects overseas. Kerry praised Xi's announcement as a positive step towards success at the upcoming COP26 United Nations Climate Change Conference in Glasgow, Scotland. "We have been in discussions with China for a significant amount of time regarding this matter. I am very pleased to hear that President Xi has made this important decision," stated Kerry. Alok Sharma, who leads COP26, also praised the announcement. "It is evident that coal power is on its way out. I appreciate President Xi's pledge to cease constructing new coal projects overseas - a topic of great importance during my visit to China," he tweeted. Following US President Joe Biden's inaugural United Nations speech, Xi addressed the audience, outlining a new phase of intense competition that does not involve a new Cold War, despite China's growing power. Xi's speech, delivered in a composed manner, did not directly refer to the strained relationship between China and the US, where Biden's administration has prioritized climate change policies and attempted to collaborate with Beijing. Xi restated commitments made the previous year, including reaching a peak in carbon dioxide emissions before 2030 and achieving carbon neutrality by 2060. While some experts have criticized these targets as insufficiently ambitious, they have allowed China to position itself favorably on the issue after former US President Donald Trump, who dismissed climate change as a "hoax," withdrew from the Paris climate agreement. China, the biggest emitter of greenhouse gases in the world, still heavily relies on coal for its energy needs. One of Biden's first actions upon taking office in January was to reaffirm US leadership on climate change and rejoin the Paris agreement. Justin Guay, director of global climate strategy at the Sunrise Project, praised Xi's commitment to ending public financing of coal, stating that this could significantly reduce global coal expansion. Guterres also commended Xi's decision regarding coal and Biden's promise to increase funding to help developing countries address climate change to $11.4 billion per year by 2024. He mentioned that speeding up the global elimination of coal is the most crucial action to achieve the 1.5-degree target of the Paris Agreement. Earlier, Biden spoke about democracy triumphing over authoritarianism without directly naming China. He emphasized that the future belongs to those who grant their people freedom, not those who oppress them. Biden also called for the denouncement of persecution against minorities worldwide, including in Xinjiang, where China has been accused of mistreating Uyghurs and other Muslim groups. China has denied these allegations. Relations between the world's two largest economies have been deteriorating significantly in recent years due to various issues such as human rights and lack of transparency regarding the origins of COVID-19. Xi Jinping emphasized the importance of avoiding the formation of exclusive groups or engaging in zero-sum games, possibly in reference to the US-led Quad forum, which aims to counter China's growing influence in the region. China has expressed concerns about an escalating arms race following the announcement of the AUKUS alliance between the US, UK, and Australia, which will provide Australia with nuclear-powered submarines. Despite criticism over the handling of the Afghanistan withdrawal, President Biden has stated that ending the conflict will allow the US to focus on the Indo-Pacific region. Xi criticized outside military intervention and attempts at democratic transformation, suggesting that they only bring harm, in an apparent criticism of the US.