Tuesday November 30, 2021

OECD to ban credits for coal power

October 24, 2021

Paris: Several OECD nations including Britain, Japan and the United States have agreed to halt government-supported export credits for coal-fired power plants.

With the latest international climate conference just days away, the proposed ban will halt support to new coal power stations that don''t have systems that trap the carbon emissions responsible for global warming.

For existing coal-fired power stations, the credits can only be used for pollution mitigation and carbon capture equipment that doesn''t extend the service life of the facility. Coal is the dirtiest fossil fuel and is responsible for a major chunk of carbon emissions.