OECD Countries Agree to Ban Export Credits for Coal-Fired Electricity Projects
Countries belonging to the Organization for Economic Co-operation and Development agreed to a ban on export credits for coal-fired electricity projects leading up to the COP26 summit, the European Union said Oct. 22. The goal for the implementation of the project is the end of this month, once all participating countries have finished their internal ratification processes. The European Commission cited its support since January for ending support for coal export credits as a driving force in its support of the new ban, also pointing to its Trade Policy Review proposal that called for an immediate end to export credit support for the entire coal-fired power sector.
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"We are delighted that our proposal at the OECD to put an end to an outdated practice has become reality. Government support for export credits of coal-fired electricity projects will now be a thing of the past," said EU Vice President and Trade Commissioner Valdis Dombrovskis. "We committed in our new trade strategy to greening trade and we have shown that we are honouring our pledge. Our effort to beat climate change must reach across all policy areas -- trade can and must play an important role." Participants to the OECD ban are Australia, Canada, the EU, Japan, Korea, New Zealand, Norway, Switzerland, Turkey, the United Kingdom and the U.S.