France decides to end overseas coal financing
Hollande stated, “Eventually subsidies for all fossil energies will be phased out.” The President went on to say that France will work on putting pressure on nations to sign a legally binding, universal agreement on climate change at COP21 in Paris. It is significant that another major developed country has stepped up with an initiative to stop coal finance. This shows the global momentum to reduce dependency on coal power is on the rise.
According to the International Energy Agency (IEA), the world’s hunger for coal is predicted to increase further by 15% by 2040. To avoid dangerous climate change, it is critical for the remaining OECD countries, such as Japan, to end support for coal in developing countries via their export credit banks.
- Bloomberg: France to Halt Export Credits for Coal Projects in Poor Nations November 28th, 2014
- Radio France Internationale: Hollande seeks ‘historic’ climate agreement at Paris conference November 28th, 2014
- Reuters: France to stop credits for coal projects in developing countries November 27th, 2014