Is the United Nations setting the coal industry up for a disappointment by urging them to adopt technology that’s not commercially proven?
UN climate chief Christiana Figueres told the global coal industry on Monday that it needs to be part of the effort to stem global warming and change the way it does business for “everyone’s sake.”…
… However, the Obama administration sparked an international coal finance boycott by refusing to fund international coal projects, except in rare cases. The World Bank, the European Investment Bank and Scandinavian countries have also taken steps to cap loans to coal projects.
“The trend of future coal use is changing rapidly. The World Bank, US development assistance and the US Import-Export Bank will no longer finance or support new unabated coal power plants internationally, except in rare cases,” said Professor William Moomaw of [The Fletcher School at] Tufts University.
“The United States Environmental Protection Agency has proposed carbon dioxide emission standards that rule out unabated coal power plants altogether,” he added. “The European Investment Bank and Scandinavian countries have taken similar steps.”
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