The United Kingdom is joining the United States in ending support for public financing of new coal-fired power plants overseas, except in rare circumstances. The UK will work together to secure the support of other countries and Multilateral Development Banks (MDBs) to adopt similar policies. The UK government will only consider MDB proposals for financing coal-fired power plants in the world’s poorest countries where no other economically feasible alternative exists. This position brings the UK in line with the significant international actions already taken by others including:
- The US: in June 2013, President Obama called for an end to US support for public financing of new coal plants overseas except for the most efficient coal technology available in the world’s poorest countries in cases where no other economically feasible alternative exists or facilities deploying Carbon Capture and Sequestration technologies.
- The World Bank: in July 2013, the World Bank’s Board agreed to a new energy strategy to limit the financing of coal-fired power plants to rare circumstances.
- The European Investment Bank: in July 2013, the European Investment Bank announced an end to funding coal power plants unless they can meet a new Emissions Performance Standard.
- Denmark, Sweden, Norway, Finland and Iceland: in September 2013, the leaders of these countries issued a joint announcement with the US that included a commitment to end public finance for new coal-fired power plants overseas, except in rare circumstances.
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