President Moon Jae-in has announced that South Korea will boost its original target of carbon emission reduction and stop official financing for foreign coal power projects. 

Moon made the announcement on Thursday during a virtual climate summit hosted by U.S. President Joe Biden. 

Speaking to some 40 world leaders, Moon said that last year, South Korea presented its target of reducing emissions by 24-point-four percent from the 2017 level by 2030.

He said South Korea will additionally raise the target, called nationally determined contribution(NDC), and report the enhanced target to the UN within this year. 

The president also said that the nation will end government financing for all overseas coal-fired power plant projects and prohibit the construction of new coal plants in the country.

In addition, Moon said South Korea plans to push aggressively for the expansion of green finance for investments in renewable energy facilities at home and abroad.