President of China Xi Jinping has announced China will not build new coal-fire projects abroad
It’s a major move from the communist nation that could be pivotal in tackling global emissions.
President Xi Jinping made the announcement in his address at the United Nations General Assembly in New York which he participated in, virtually from Beijing.
China has long been funding coal projects in other countries such as Indonesia and Vietnam.
Those very projects fall under a massive infrastructure project known as the Belt and Road initiative.
But it has been under pressure to end the financing, as the world tries to meet Paris climate agreement targets.
No further comment were provided, but the move could limit the expansion of coal plants in many developing countries under China’s Belt and Road Initiative.
The Belt and Road Initiative has seen China previously fund infrastructure such as roads, trains, ports as well as coal plants in a variety of different countries. Many of those nations are classified as a developing country.
China is known to be the most pollutive country in the world, with the nation the largest greenhouse gas emitter.
China has long been heavily reliant on coal for domestic energy needs.
The President mentioned promises made last year about China achieving peak emissions before 2030 and then transitioning to carbon neutrality by 2060.
Porn floods Twitter “China” search
Twitter users have been finding it hard to search for information on the social media platform due to an explosion of pornographic spam.
While thousands of protests against extended lockdowns, a digital bot army has roared into action on Twitter, with long-dormant Chinese language accounts suddenly tweeting links to escort services and other adult content.
Anyone trying to track the spontaneous protest movement on Twitter complained about the deluge of spam pornographic content making flooding the search for information.
The China protests come at a time when Twitter’s content and moderation teams have been pared back drastically following Elon Musk’s $44 billion takeover of the social media giant.
Twitter, along with other international social media services like Facebook, Snapchat and Instagram, is blocked by Beijing’s internet censors within Mainland China.
Biden silence on China protests
As citizens across China revolt against the country’s “zero Covid” policy, the White House issued a statement about the growing protests.
“‘We’ve long said everyone has the right to peacefully protest, in the United States and around the world,’ a White House National Security Council spokesperson said in a statement.
‘This includes in the [People’s Republic of China.]’
“‘Zero COVID is not a policy we are pursuing here,’ the spokesperson said.
‘And as we’ve said, we think it’s going to be very difficult for the People’s Republic of China to be able to contain this virus through their zero COVID strategy.’”
Commentators have noted that the statement came from the White House, and not President Biden himself.
Demonstrators are calling on President Joe Biden to take a stance and publicly support their cause.
The protests have continued despite numerous attempts by the Chinese government to quell them.
China protests hit global markets, crypto
The protests in China are having a negative impact on cryptocurrencies and markets around the world.
Bitcoin failed to break its descent and fell more than 3 percent.
The global crypto market cap fell over 2%, sending major cryptos into the red.
Over the last 24 hours, overall crypto market volume grew by 22%.
It comes amid a round of investor nervousness in global markets spurred by protests in China against Covid restrictions.
Protesters outraged by harsh COVID-19 regulations called for China’s strong leader to quit.
China is the world’s second-largest economy and has a significant impact on global financial markets.
Stocks and cryptos aren’t considered safe havens, leading to bearing price action.
Analysts are hoping for a sharp bullish reversal if and when the protests end.
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