Coal industry turns to green fund for assistance
by Mathew Carr,
2015-10-09 06:26:47.0
LONDON — The coal industry, viewed as a key contributor to global warming, is seeking a once improbable collaborator: a fund set up under United Nations (UN) climate negotiations.
As developing countries in Asia and Africa plan coal power stations, the UN Green Climate Fund should help finance ways to make the plants more efficient and reduce emissions, according to Mick Buffier, the chairman of the World Coal Association.
New coal technology could cut climate-warming gases by a third per unit of power, though it added about 50% to the $315m cost of a 500MW plant in China, the group said.
The Green Climate Fund is meant to channel climate-related aid from industrial nations to developing countries. Citigroup said on Monday it would cut back on financing for coal projects, adding pressure to an industry in which prices have slumped 77% from a high in 2008.
"We’re looking to mobilise funding, either under the Green Climate Fund or something that sits outside that, because it is a genuine, low-emission funding proposal," said Mr Buffier, who is also a sustainable development executive at coal exporter Glencore.
Bloomberg
A worker sits on a truck being loaded with coal at a railway yard on the outskirts of the western Indian city of Ahmedabad. Picture: REUTERS
LONDON — The coal industry, viewed as a key contributor to global warming, is seeking a once improbable collaborator: a fund set up under United Nations (UN) climate negotiations.
As developing countries in Asia and Africa plan coal power stations, the UN Green Climate Fund should help finance ways to make the plants more efficient and reduce emissions, according to Mick Buffier, the chairman of the World Coal Association.
New coal technology could cut climate-warming gases by a third per unit of power, though it added about 50% to the $315m cost of a 500MW plant in China, the group said.
The Green Climate Fund is meant to channel climate-related aid from industrial nations to developing countries. Citigroup said on Monday it would cut back on financing for coal projects, adding pressure to an industry in which prices have slumped 77% from a high in 2008.
"We’re looking to mobilise funding, either under the Green Climate Fund or something that sits outside that, because it is a genuine, low-emission funding proposal," said Mr Buffier, who is also a sustainable development executive at coal exporter Glencore.
Bloomberg
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