BRUSSELS/LONDON, June 7 (Reuters) – Some of the world’s major economies want to finalise a plan ahead of this year’s U.N. climate summit to halt new private sector funding for coal projects, five sources with direct knowledge of the matter told Reuters.
If approved, the draft proposal by the Organisation for Economic Co-operation and Development, would be the first move by a multilateral institution to curb financing for coal, one of the biggest causes of climate change, which produces more carbon dioxide emissions than oil or gas when it is burned for energy.
The draft plan, which aims to set a “gold standard” policy for how financial institutions approach coal, instructs investors, banks and insurers to halt new financing to existing or planned coal projects, and end funding to companies building coal infrastructure, the sources said.
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Source: https://www.reuters.com/business/environment/major-world-economies-seek-halt-new-private-sector-coal-financing-2024-06-07/
