European countries talk climate... but finance coal | WWF

European countries talk climate... but finance coal

Posted on 01 February 2015
Cooling towers letting out steam and smoke at a coal-fired power station near Pontefract in Yorkshire, UK.
© Edward Parker / WWF
While climate action is more pressing than ever, the coal context is changing fast: breakthroughs to end public
support for coal overseas happened in 2013, with the commitments of three Multilateral Banks and nine
governments.

In the last seven years (2007-2013), Multilateral Banks provided an average of almost $2 billion a year for coal
overseas. Although significant, this is dwarfed by developed countries’ support for coal overseas ($5,2 billion a year), essentially through their Export Credit Agencies — public support intended to boost business in their own
countries, not to address development or energy access for the poor abroad.

For the period 2007-2013 European countries still massively financed coal overseas, with a total of $7
billion– $1 billion a year. Germany is by far the worst European country, with 69% of the financial volume provided by European countries. A scorecard scrutinizes the commitments to end public financial support for coal overseas from the 20 European donor countries: only 8 have started to take public commitments to end public support for coal overseas. They all lag behind the United States, that already committed to end coal support from its Export Credit Agency (US Ex-Im).
Cooling towers letting out steam and smoke at a coal-fired power station near Pontefract in Yorkshire, UK.
© Edward Parker / WWF Enlarge