The US, European Union, South Korea<\/strong> and other countries are planning to forbid their export-financing agencies from supporting coal-fired power projects overseas.<\/span><\/p>\n The US, EU and other countries are planning to put a proposal at the Organization<\/strong><\/a><\/span> for Economic Cooperation and Development<\/strong>(OECD) to take a tough position against coal.<\/span><\/p>\n These countries have proposed to end export credit financing for the construction of coal-fired power plants<\/strong> that aren\u2019t equipped with technology to capture and store the plant\u2019s carbon dioxide emissions.\u00a0<\/span><\/p>\n However, Australia, Turkey, Japan and New Zealand<\/strong> have yet to support the proposal. This is because Australia is one of the world\u2019s biggest coal miners<\/strong> while Turkey has never signed the Paris climate agreement<\/strong> of 2015.<\/span><\/p>\n Note:<\/b> OECD oversees an agreement governing export-credit agencies which provide financing for overseas customers of the countries\u2019 domestic firms. <\/span>The US, the 27 nations of the EU, the UK, Norway, Switzerland, Japan, Australia, South Korea, New Zealand and Turkey are signatories of the deal.<\/span><\/p>\n The proposal would have limited practical impact as financing for coal-fired power by the parties of the OECD countries has reduced in recent years.\u00a0<\/span><\/p>\n Moreover, Cheap natural gas and the falling cost of renewables in recent years made other kinds of electricity generation more attractive.<\/span><\/p>\n Note:<\/b> At the recent G20 meeting, China, India<\/strong> and a few other developing countries have refused to back a deadline for ending international financing<\/strong> of coal-power plants or a phaseout of subsidies for fossil fuels. Both countries rely heavily on coal-fired electricity.<\/span><\/p>\n Source: <\/b>This post is based on the article <\/span>\u201cDeveloped countries seek to end export financing for coal\u201d <\/b>published in Livemint <\/b>on 15th September 2021.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":" What is the News? The US, European Union, South Korea and other countries are planning to forbid their export-financing agencies from supporting coal-fired power projects overseas. What is the issue? The US, EU and other countries are planning to put a proposal at the Organization for Economic Cooperation and Development(OECD) to take a tough position… Continue reading Developed countries seek to end export financing for coal<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,164,9],"tags":[9744,768,9612],"class_list":["post-134070","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-international-relations-daily-factly-articles","category-public","tag-coal-exports-promotion","tag-energy","tag-non-renewable-energy","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704861237},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/134070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=134070"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/134070\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=134070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=134070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=134070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What is the issue?<\/b><\/h5>\n
Impact of this Proposed Ban<\/b><\/h5>\n