Most OECD countries to end export credits for new coal plants

Most OECD countries to end export credits for new coal plants
Most OECD countries to end export credits for new coal plants   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">PARIS</span> – Most <span class="caps">OECD</span> countries have agreed to stop providing export credits for coal-fired power plants, the Organisation for Economic Cooperation and Development said on Friday.</p> <p>The countries participating are Australia, Britain, Canada, the European Union, Japan, Korea, New Zealand, Norway, Switzerland, Turkey and the United States, the <span class="caps">OECD</span> said.</p> <p>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.</p> <p>The <span class="caps">OECD</span> said that the ban would cover new coal-fired power plants without operational carbon capture, utilisation and storage (<span class="caps">CCUS</span>). </p> <p>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 <span class="caps">CCUS</span>.</p> <p>The ban, which comes as countries prepare for the COP26 climate conference, is expected to take effect by the end of October, the <span class="caps">OECD</span> said.</p> <p/> </div>