Released November 25, 2013 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) - The U.K. government has announced that it will join U.S. efforts to cut funding for foreign coal-fired projects.
Speaking at the United Nations international climate change talks in Warsaw, Poland, U.K. Energy and Climate Change Secretary, Edward Davey, told the conference that he agreed with U.S. plans to end support for public financing of new coal-fired power plants overseas, except in rare circumstances in which the poorest countries have no feasible alternative. The two governments now plan to work together to secure support from other countries and Multilateral Development Banks (MDBs) to adopt similar policies. Davey said funding high pollution energy projects ran contrary to the country's renewable energy goals.
"It is completely illogical for countries like the U.K. and the U.S. to be decarbonising our own energy sectors while paying for coal-fired power plants to be built in other countries," Davey explained. "It undermines global efforts to prevent dangerous climate change and stores up a future financial time bomb for those countries who would have to undo their reliance on coal-fired generation in the decades ahead, as we are having to do today."
He added: "Like the U.S., the U.K. recognises that there will be exceptions. We need to take account of new technologies such as Carbon Capture and Storage (CCS) and the very poorest countries where there are no alternatives. But many developing countries will soon find solar and similar energy technologies will become cheaper not just cleaner".
To spur more climate action, Davey announced that the government has pledged £50 million from the U.K.'s International Climate Fund to help more than 860,000 people adapt to those impacts. He called on developed countries to scale up their climate finance commitments.
Recognising the increasing impact of climate change on the world's poorest countries, Mr Davey has also pledged £50 million from the UK's International Climate Fund to help more than 860,000 people adapt to those impacts. He called on developed countries to scale up their climate finance commitments.
"The most vulnerable countries are already feeling the impact of climate change and we know that is going to increase," he said. "As we have seen extreme weather events can have disastrous consequences for millions people in developing countries and we have a moral duty to help those countries prepare today for the climate changes ahead. Our climate change challenge is both to help prevent further damaging climate change, but also to help the poorest people from the effects of climate change that is already happening."
In June, President Obama announced his Climate Action Plan which included a commitment to mobilise clean energy investments to the developing world and an end to U.S. government support for public financing of new coal plants overseas - except as a last resort. In July the World Bank revealed a new energy strategy to limit the financing of coal-fired power plants to "rare circumstances," while the European Investment Bank (EIB) announced a new Emissions Performance Standard to be applied to all fossil fuel generation projects. A provision of the new standard states that new and refurbished coal-fired power plants will be ineligible for funding unless they emit less than 550 grams of carbon dioxide per kilowatt-hour (gCO2/KWh).
"We are delighted that the United Kingdom is joining the United States in shifting public financing toward cleaner energy sources," commented Caitlin Hayden, U.S. National Security Council spokesperson. "This is an important component of President Obama's Climate Action Plan, and we look forward to working with the U.K. to encourage other countries to implement similar polices."
According to the International Energy Agency (IEA) global coal demand will need to fall by 45% from 2009 levels by 2050, in order to 'avoid dangerous climate change'. Industrial Info recently reported that coal remains the largest fuel feed source for power generation globally. The IEA noted that there is strong growth in non-OECD (Organization for Economic Cooperation and Development) countries, which far outweighs reductions in OECD countries. For additional information, see November 18, 2013, article - IEA 2013 Report: Fossil Fuels Remain 82% of All Fuel Sources.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the Industrial Info "Contact Us" page.
Speaking at the United Nations international climate change talks in Warsaw, Poland, U.K. Energy and Climate Change Secretary, Edward Davey, told the conference that he agreed with U.S. plans to end support for public financing of new coal-fired power plants overseas, except in rare circumstances in which the poorest countries have no feasible alternative. The two governments now plan to work together to secure support from other countries and Multilateral Development Banks (MDBs) to adopt similar policies. Davey said funding high pollution energy projects ran contrary to the country's renewable energy goals.
"It is completely illogical for countries like the U.K. and the U.S. to be decarbonising our own energy sectors while paying for coal-fired power plants to be built in other countries," Davey explained. "It undermines global efforts to prevent dangerous climate change and stores up a future financial time bomb for those countries who would have to undo their reliance on coal-fired generation in the decades ahead, as we are having to do today."
He added: "Like the U.S., the U.K. recognises that there will be exceptions. We need to take account of new technologies such as Carbon Capture and Storage (CCS) and the very poorest countries where there are no alternatives. But many developing countries will soon find solar and similar energy technologies will become cheaper not just cleaner".
To spur more climate action, Davey announced that the government has pledged £50 million from the U.K.'s International Climate Fund to help more than 860,000 people adapt to those impacts. He called on developed countries to scale up their climate finance commitments.
Recognising the increasing impact of climate change on the world's poorest countries, Mr Davey has also pledged £50 million from the UK's International Climate Fund to help more than 860,000 people adapt to those impacts. He called on developed countries to scale up their climate finance commitments.
"The most vulnerable countries are already feeling the impact of climate change and we know that is going to increase," he said. "As we have seen extreme weather events can have disastrous consequences for millions people in developing countries and we have a moral duty to help those countries prepare today for the climate changes ahead. Our climate change challenge is both to help prevent further damaging climate change, but also to help the poorest people from the effects of climate change that is already happening."
In June, President Obama announced his Climate Action Plan which included a commitment to mobilise clean energy investments to the developing world and an end to U.S. government support for public financing of new coal plants overseas - except as a last resort. In July the World Bank revealed a new energy strategy to limit the financing of coal-fired power plants to "rare circumstances," while the European Investment Bank (EIB) announced a new Emissions Performance Standard to be applied to all fossil fuel generation projects. A provision of the new standard states that new and refurbished coal-fired power plants will be ineligible for funding unless they emit less than 550 grams of carbon dioxide per kilowatt-hour (gCO2/KWh).
"We are delighted that the United Kingdom is joining the United States in shifting public financing toward cleaner energy sources," commented Caitlin Hayden, U.S. National Security Council spokesperson. "This is an important component of President Obama's Climate Action Plan, and we look forward to working with the U.K. to encourage other countries to implement similar polices."
According to the International Energy Agency (IEA) global coal demand will need to fall by 45% from 2009 levels by 2050, in order to 'avoid dangerous climate change'. Industrial Info recently reported that coal remains the largest fuel feed source for power generation globally. The IEA noted that there is strong growth in non-OECD (Organization for Economic Cooperation and Development) countries, which far outweighs reductions in OECD countries. For additional information, see November 18, 2013, article - IEA 2013 Report: Fossil Fuels Remain 82% of All Fuel Sources.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the Industrial Info "Contact Us" page.
