The Compact calls on nations to halt the construction of unabated coal-fired power generation projects by the end of this year. Initial signatories include Sri Lanka, Chile, Denmark, Germany, Montenegro, France, and the U.K.
China is the largest public financier of overseas coal plants. Last week, an alliance of 35 NGOs pressed the Bank of China to end the financing of such projects outside China in order to combat climate change.
New York’s State Comptroller Tom DiNapoli announced further divestment of coal assets today from one of the nation’s largest pension funds – shedding remaining investments in New Hope, PT Indo Tambangraya Megah Tbk, Semirara Mining and Power, Shanxi Coking Coal Energy Group. and Whitehaven Coal.
Environment and Climate Change Minister Jonathan Wilkinson said the project would have likely caused harm to surface water quality, to threatened species, and to the physical and cultural heritage of the Kainai, Piikani and Siksika First Nations.
In the US, coal power plants experienced the country’s lowest annual coal consumption since 1965, and the fossil fuel is expected to reach levels last seen in the 19th century in coming years, reports Bloomberg.