China is one of the world’s major sources of infrastructure finance in developing countries. The Belt and Road Initiative (BRI), the country’s massive scheme for financing infrastructure, is active in well over 100 countries. China has emerged as one of the most significant financiers of, and investors in, global power infrastructure, with $52 billion invested in coal power generation in the past two decades in BRI countries.

On September 21st, 2021, in a major departure from its practice of backing significant coal investments overseas, China pledged it would stop building new coal power plants and support low-carbon and clean energy. A year later, evidence shows that China has indeed followed through and ceased grid-connected coal-fired power project finance. Now China has the opportunity to marshal its substantial resources and capabilities to accelerate decarbonization.

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https://www.wri.org/insights/whats-after-coal-accelerating-chinas-overseas-investment-renewables