President Moon Jae-in says South Korea plans to further reduce its carbon emissions and will no longer finance the construction of coal power plants in developing countries.

He made the vow Thursday during a virtual Earth Day climate summit hosted by U.S. President Joe Biden and attended by 39 other global leaders.

Moon said South Korea's new target will be reported to the United Nations this year.

Seoul told the U.N. in a report last December that it plans to reduce emissions by 24.4 percent by 2030 from the country's 2017 level, a goal that's part of its commitment to the Paris Agreement.

Moon's pledge was welcomed by the U.S.

"The Republic of Korea announced an end to external coal finance and countries are moving in the right direction," State Department spokesman Ned Price said during a briefing.

He added that the U.S. looks forward to working with all nations to increase ambition and put the world on a "sustainable path towards climate reduction," stressing that they know "there is more to do."