A compromise struck by the US, Japan and other major nations would restrict export financing to build coal power plants overseas, but not eliminate it completely.
The agreement reached earlier this week is an important step that sends a strong political message ahead of upcoming climate change negotiations in Paris, a US official and environmentalists said.
US President Barack Obama’s administration announced in 2013 that it would end US financing for overseas coal plants and has been pressuring others to join. Japan was among those opposed, arguing that its high-efficiency power plant technology is the best option for developing countries that need affordable energy.
Under the agreement, which takes effect in 2017, financing would still be allowed for the most advanced “ultra-supercritical” plants and for some other plants in poor countries. It was worked out by the Organisation for Economic Cooperation and Development (OEDC), a Paris-based group of 34 countries including most of Europe and other key economies.
A Japan-based network of groups fighting climate change welcomed the agreement, but said it was only a first step.
“Even the highest-efficiency coal power plants emit a lot of CO2 [carbon dioxide],” Kiko Network international director Kimiko Hirata said.
Officials in Australia, a major exporter of coal, were supportive. Australian Minister for Resources, Energy and Northern Australia Josh Frydenberg said: “This agreement supports the development of new technology while also recognizing the important role that coal will continue to play in providing affordable electricity to the world.”
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