US Joins OECD Ban On Export Credits For Coal Power Generation Technology - Treasury

US Joins OECD Ban on Export Credits for Coal Power Generation Technology - Treasury

The United States has joined a ban imposed by Organization for Economic Cooperation and Development (OECD) states against exporting "unabated" coal power generation technology to prevent carbon emissions

WASHINGTON (Pakistan Point News / Sputnik - 22nd October, 2021) The United States has joined a ban imposed by Organization for Economic Cooperation and Development (OECD) states against exporting "unabated" coal power generation technology to prevent carbon emissions.

"Today, the Department of the Treasury announced that the United States joined other OECD participants to the Arrangement on Officially Supported Export Credits in agreeing on new disciplines that prohibit export credits for all new unabated coal power generation technology," the release said.

Only carbon capture, utilization, and sequestration technology, or "CCUS," qualifies as abatement, the Treasury acknowledged.

"We have worked closely with partners to achieve this agreement because actions like these are vital to tackling climate change and reaching the goal of net-zero emissions by 2050," Treasury Climate Counselor John Morton said in the release.

The new arrangement also constrains export credit support for existing coal fired power plants to only pollution or carbon emission abatement equipment, which also must not extend the useful lifetime or capacity of the facility, the Treasury noted.