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G20 nations still financing overseas coal projects

Staff Writer |
The G20 countries continue pumping billions in overseas coal development and Japan's plans to build dozens of so-called high-efficiency coal power plants.

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Both of those undermine the landmark Paris Agreement and clean energy deployment, two new reports said.

Over the past nine years, the G20 countries have kicked in $76 billion to further coal development in countries such as Vietnam, South Africa, Australia and Indonesia, US-based environmental group Natural Resources Defense Council (NRDC) said in its report.

The report, "Carbon Trap: How International Coal Finance Undermines the Paris Agreement and Clean Energy Deployment", was released by the NRDC and the Oil Change International on the sidelines of 22nd session of the Conference of the Parties (COP22).

In Paris last December, nearly 200 countries agreed to slash their dependence on fossil fuels in a concerted effort to limit global temperature rise to well below 2 degrees Celsius over pre-industrial level in order to avoid a climate crisis.

The Kiko Network also released a report here challenging Japan's plans to build dozens of so-called high efficiency coal power plants.

Essentially this means that, says the NRDC report, on one hand, some of the world's leading polluters have pledged to lower climate-changing carbon pollution within their borders under the Paris Climate Change Agreement.

These countries are facilitating a massive boom in that carbon pollution by financing coal development elsewhere, and the planet ultimately suffers.

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