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 faced pressure to stop financing coal projects abroad to help meet the goals of the Paris climate agreement. This announcement by Xi follows similar actions taken by South Korea and Japan. UN Secretary-General Antonio Guterres and US climate envoy John Kerry have encouraged China to follow suit. Xi stated that China will increase support for developing countries in green energy and will no longer build new coal-fired power projects overseas. 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 about this for a considerable amount of time. I am very pleased to hear that President Xi has made this significant decision," stated Kerry. Alok Sharma, the leader of COP26, also praised the announcement. "It is evident that coal power's days are numbered. I appreciate President Xi's pledge to cease constructing new coal projects abroad - a crucial topic during my recent visit to China," he shared on Twitter. Xi addressed the audience following President Biden's inaugural United Nations speech, in which Biden outlined a new phase of intense competition without a return to a Cold War despite China's increasing influence. In his composed remarks, Xi avoided direct reference to the often contentious relationship between China and the US, where the Biden administration has prioritized climate change policies and sought collaboration with Beijing. Xi reiterated commitments made the previous year, including reaching a peak in carbon dioxide emissions before 2030 and achieving carbon neutrality by 2060. While some critics have deemed these goals insufficiently ambitious, they have allowed China to position itself as a leader on climate change following the US's withdrawal from the Paris agreement during the Trump administration. China, the biggest emitter of greenhouse gases in the world, continues to heavily rely on coal for its energy needs. When Biden took office in January, one of his initial actions was to reaffirm the United States' leadership on climate change by rejoining the Paris agreement. Justin Guay, the director of global climate strategy at the Sunrise Project, a group advocating for a shift away from coal and fossil fuels, highlighted that China's decision to stop public financing of coal would have a significant impact on global coal expansion. UN Secretary-General Guterres praised both China's commitment to reduce coal usage and Biden's promise to increase funding to help developing countries address climate change. In a statement, he emphasized that expediting the global elimination of coal is the most crucial action to achieve the 1.5-degree target of the Paris Agreement. Hours earlier, Biden spoke about the importance of democracy triumphing over authoritarianism without directly mentioning China. He stated that the future belongs to those who allow their people to live freely, not those who suppress them. Biden also condemned the mistreatment of racial, ethnic, and religious minorities worldwide, including in Xinjiang, where China has been accused of operating internment camps for Uyghurs and other Muslim groups. China denies these allegations. Relations between the world's top two economies have deteriorated 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 forming exclusive groups or engaging in zero-sum games, possibly referring to the US-led Quad forum aimed at countering China's influence. China 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 over the US withdrawal from Afghanistan, President Biden believes it will allow the US to focus more on the Indo-Pacific region. Xi criticized military intervention and attempts at democratic transformation from external forces, likely targeting the US.