Cookie Control

This site uses cookies to store information on your computer.

Some cookies on this site are essential, and the site won't work as expected without them. These cookies are set when you submit a form, login or interact with the site by doing something that goes beyond clicking on simple links.

We also use some non-essential cookies to anonymously track visitors or enhance your experience of the site. If you're not happy with this, we won't set these cookies but some nice features of the site may be unavailable.

By using our site you accept the terms of our Privacy Policy.

(One cookie will be set to store your preference)
(Ticking this sets a cookie to hide this popup if you then hit close. This will not store any personal information)

"Rich Countries Agree To Slash Export Subsidies for Coal Plants"

"After a concerted push from the United States, members of the Organization for Economic Cooperation and Development agreed Tuesday to slash subsidies aimed at exporting technology for coal-fired power plants.

The decision by the world’s wealthiest countries to eliminate export credits for the least efficient coal plants, which will take effect Jan. 1, 2017, and can be strengthened four years later, marks a major negotiating success for the Obama administration in the run-up to U.N. climate talks later this month. The U.S. and several other key global players–including France, the World Bank, the European Investment Bank and the European Bank for Reconstruction and Development–have already limited its export financing for coal plants and had been pressing other nations, including Japan and South Korea, to follow suit.

A senior administration official, who briefed reporters about the agreement reached in Paris on the condition of anonymity, said that under the new rules OECD countries would still provide export credits for coal plants using ultra-supercritical technology and help finance slightly less-efficient plants in the world’s poorest countries. But the policy would effectively cut off public financing for 85 percent of coal plants currently in the pipeline, he said."

Juliet Eilperin reports for the Washington Post November 17, 2015.

Source: Wash Post, 11/18/2015