Just two weeks before the Paris climate talks commence, representatives from 34 of the world’s developed and major economies reached a compromise to phase out public financing that supports the construction of new coal power plants around the world. Starting in 2017, the Organization for Economic Cooperation and Development (OECD) announced its members, which includes most of Europe, the U.S. and Japan, will stop providing export credit support for new coal-fired power plants. However, the compromise does allow plants to be built if the most efficient technology is used or in the poorest countries with no viable alternatives. Perhaps it won’t completely halt the construction of new coal plants, but its seen as major step forward to help redirect financing towards renewable energy.
OECD countries agree to restrict financing for overseas coal power plants
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