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COP26: Poland, Vietnam, Chile among signatories to phase out coal power

Highlights

18 countries commit for first time

China, India, US absent from deal

International finance greatly reduced

  • Author
  • Henry Edwardes-Evans
  • Editor
  • James Leech
  • Commodity
  • Coal
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  • United States
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  • COP26

Poland, Vietnam, Chile and Morocco have for the first time committed to phase out coal-fired power generation in pledges made at the UN Climate Conference talks in Glasgow, the UK government said late Nov. 3.

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The UK presidency of COP26 said a 190-strong coalition of countries and organizations had now agreed to phase out coal use, including 18 countries committing for the first time to phase out and not build or invest in new coal power.

"The world is moving in the right direction, standing ready to seal coal's fate and embrace the environmental and economic benefits of building a future that is powered by clean energy," said Business and Energy Secretary Kwasi Kwarteng.

The world's three largest coal generators by CO2 emissions, China, India and the US, are not signatories to the agreement, nor is Australia, the ninth largest.

Emissions from coal combustion, 2020 (mil mtCO2)

2020
Net zero target
China
7,770.00
2060
India
1,561.00
2070
US
864.36
2050
Japan
423.43
2050
Russia
384.05
2060
South Korea
280.74
2050
Indonesia
222.80
2050
South Africa
204.61
2050
Australia
164.39
2050
Vietnam
144.23
2050

Source: S&P Global Platts Analytics

Signatories have committed to phase out coal-fired power in the 2030s for major economies, and the 2040s for the rest of the world.

They will end all investment in new coal power generation domestically and internationally and "rapidly scale up deployment of clean power generation," the UK presidency said.

The agreement follows commitments by China, Japan and Korea, the three largest public financiers of coal, to end overseas finance for coal generation by the end of 2021.

And in an Oct. 31 declaration, the G20 group of nations also committed to to end public finance for new unabated coal plant abroad by the end of 2021.

The commitments "could end over 40 GW of coal across 20 countries," the UK presidency said.

Meanwhile, 28 new members had signed up to the Powering Past Coal Alliance, which includes NatWest, Lloyds Banking, HSBC and Export Development Canada, "and accounts for over $17 trillion assets now committed to PPCA coal phase out goals," the government said.