OECD signs new deal to limit coal technology

The Organisation of Economic Cooperation and Development (OECD) will restrict subsidies for exporting technology for coal-fired power plants, after a deal was agreed on Tuesday.

Representatives of the world’s richest nations signed the deal to end export credits for inefficient coal plant technology that will take effect from 1 January, 2017.

Talks were held this week at the Paris-based OECD as a final opportunity to end export credits for coal before the United Nations Climate Change Conference begins on 30 November, also  in Paris, during which a global climate deal  is due to signed.

The new OECD agreement would force countries like Japan and South Korea to limit coal technology exports for the first time.

The European Union is planning to end domestic coal subsidies by 2018.

At a G20 meeting in Turkey this week, leaders of the world’s largest economies, reaffirmed their commitment “to rationalise and phase out inefficient fossil fuel subsidies”.