Major Deal To Restrict Coal Usage Might Have Come Prematurely
The United States has reached an agreement with other countries to prevent the public financing of coal plants. The agreement will also limit the development of new coal technology. The American government has said that this is a major step forward before the upcoming United Nations climate change negotiations which will be held in Paris.
The deal has been accepted by members of the Organization for Economic Cooperation and Development (OECD). This represents the first time that a large group of countries have established common standards for coal subsidies. Estimates show that about 80% of coal technology that is currently being exchanged would become unable to receive financing with the agreement.
The final version of the deal still allows for the financing of more efficient coal t...