Several members of the Organisation for Economic Co-operation and Development, including Britain, the EU and the US, have agreed to stop providing export credits for coal-fired power plants, the body announced on Friday.
The ban will halt financial support to new coal power stations that do not have systems that trap carbon emissions responsible for global warming, the Paris-based organisation said.
“The ban will come into effect once participants complete their formal internal decision-making processes, which are expected by the end of October,” the OECD said.
The decision comes about a week before the Cop26 climate conference in Glasgow, Scotland, which starts on October 31.
Other countries participating in the ban are Australia, Canada, Japan, South Korea, New Zealand, Norway, Switzerland and Turkey.
It covers new coal-fired power plants without operational carbon capture, utilisation and storage. For existing coal-fired power stations, the credits can only be used for pollution mitigation and carbon capture equipment that does not extend the service life of the plant.
Coal, considered the dirtiest fossil fuel, is responsible for a major chunk of global carbon emissions.
While many developed nations have tried to reduce coal in their domestic power mixes to meet ambitious new climate pledges, they have often continued to finance coal projects abroad, drawing criticism from environmental groups.
Export credits refer to government financial support, such as 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.
In May, G7 environment ministers agreed to stop the direct funding of coal-fired power stations in poorer nations by the end of this year
Then in July, Cop26 President Alok Sharma urged developed nations to end the use of “unabated” coal power to reach their climate change objectives.
In an address to the G20 Climate and Energy meeting in Naples, Mr Sharma said that the use of the fuel is “incompatible” with limiting global temperature rises to 1.5C compared with pre-industrial levels by 2050, as set out in the 2015 Paris climate deal. However, an agreement on the topic was not reached.
Coal use is regarded as unabated when it is burnt for power or heat without utilising technology to capture the ensuing emissions – a system not yet widely used in power generation.
The G20 countries are responsible for almost 80 per cent of global emissions and 85 per cent of the global economy, Mr Sharma said.
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RESULTS
6.30pm Handicap (TB) US$65,000 (Dirt) 1,400m
Winner Golden Goal, Pat Dobbs (jockey), Doug Watson (trainer)
7.05pm Dubai Racing Club Classic Listed Handicap (TB) $88,000 (Turf) 2,410m
Winner: Walton Street, William Buick, Charlie Appleby.
7.40pm Dubai Stakes Group 3 (TB) $130,000 (D) 1,200m
Winner Switzerland, Tadhg O’Shea, Satish Seemar
8.15pm Singspiel Stakes Group 3 (TB) $163,000 (T) 1,800m
Winner Lord Giltters, Adrie de Vries, David O’Meara
8.50pm Al Maktoum Challenge Round-1 (TB) $228,000 (D) 1,600m
Winner Military Law, Antonio Fresu, Musabah Al Muhairi.
9.25pm Al Fahidi Fort Group 2 (TB) $163,000 (T) 1,400m
Winner Land Of Legends, Frankie Dettori, Saeed bin Suroor
10pm Dubai Dash Listed Handicap (TB) $88,000 (T) 1,000m
Winner Equilateral, Frankie Dettori, Charles Hills.
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Mohammed bin Zayed Majlis
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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
RESULTS
5pm: Maiden (PA) Dh 80,000 (Turf) 1,200m
Winner: AF Majalis, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami.
6pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Foah, Fabrice Veron, Eric Lemartinel.
6.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,400m
Winner: Faiza, Sandro Paiva, Ali Rashid Al Raihe.
7pm: Handicap (PA) Dh 80,000 (T) 1,600m
Winner: RB Dixie Honor, Antonio Fresu, Helal Al Alawi.
7.30pm: Rated Conditions (TB) Dh 100,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard.
Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30: UAE v Nepal; Hong Kong v Singapore; Malaysia v Oman
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
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Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
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Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
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6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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