Nov 19, 2021 06:47 AM

China Pledges $31 Billion of Credit to Back Clean Use of Coal

Chinese coal production hit a six-year high last month.
Chinese coal production hit a six-year high last month.

China will establish a special relending facility of 200 billion yuan ($31.35 billion) to support the clean use of coal, the country’s cabinet said Wednesday.

The move follows a carbon-reduction support tool launched last week by the central bank to help businesses reduce emissions of climate change-causing carbon dioxide, showing that the world’s largest greenhouse gas emitter is moving to reduce reliance on coal while trying to achieve its long-term carbon neutrality goals.

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