ECA Watch expresses concern over ECA plans to continue coal financing
(ECA Watch, Brussels, 29 October 2014) ECA Watch has written OECD ECA's, Finance Ministers and OECD Secretary General Angel Gurría regarding upcoming discussions around coal financing through export credit agencies. We understand that they may be considering proposals to perpetuate coal financing and even to extend preferential terms for certain coal plant technologies. We urge them to reject this proposal, which would pervert the internationally identified goal of curbing support for coal, including export credit agency support. According to the Intergovernmental Panel on Climate Change (IPCC), if planetary warming is to be kept under 2 degrees Celsius above preindustrial levels (the level deemed “dangerous” by world leaders), the majority of proven fossil fuel reserves will have to be left in the ground. The IPCC has also found that, in order to limit temperature rise to 2°, annual investments in conventional fossil fuel power plants over the next two decades (2010 to 2029) have to decline by an average US$ 30 billion, and annual investments in extraction of fossil fuels have to decline by an average US$ 110 billion. Our letter follows on concerns expressed in May and June 2014