Most OECD countries to end export credits for new coal plants

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 22, 2021

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October 22, 2021

PARIS (Reuters) – Most OECD countries have agreed to stop providing export credits for coal-fired power plants, the Organisation for Economic Cooperation and Development said on Friday.

The countries participating are Australia, Britain, Canada, the European Union, Japan, Korea, New Zealand, Norway, Switzerland, Turkey and the United States, the OECD said.

The Paris-based organisation defines export credits as government financial support, direct financing, guarantees, insurance or interest rate support provided to foreign buyers to assist in the financing of the purchase of goods from national exporters.

The OECD said that the ban would cover new coal-fired power plants without operational carbon capture, utilisation and storage (CCUS).

The ban would also cover existing coal-fired power plants unless the purpose of the equipment is to curb pollution and does not extend the lifetime or capacity of the plant, or unless it is for retrofitting to install CCUS.

The ban, which comes as countries prepare for the COP26 climate conference, is expected to take effect by the end of October, the OECD said.

(Reporting by Leigh Thomas; editing by Jason Neely and Louise Heavens)

Source Link Most OECD countries to end export credits for new coal plants

Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.