Sustainable Business

U.S. to co-sponsor OECD proposal to end unabated coal power export financing

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Coal is pictured in a container as people protest against BlackRock investing in coal and tar sands outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. REUTERS/Carlo Allegri

WASHINGTON, Sept 14 (Reuters) - The United States will join western governments to co-sponsor an OECD proposal to end official export credit financing for coal power projects without abatements, the U.S. Treasury said on Tuesday.

The proposal with Canada, the European Union, South Korea, Norway, Switzerland and Britain will be made at an OECD export financing meeting on Wednesday and seeks to expand the scope a 2016 OECD agreement on coal power financing. Treasury said the United States views only carbon capture, utilization and sequestration technology as a qualifying abatement for such projects.

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Reporting by David Lawder

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