Quantcast

Global Banks Divest But U.S. Coal Exports Increase

Climate

EcoWatch

By Laura Beans

Since the beginning of the twenty-first century, coal has been the fastest-growing energy source worldwide. It is often called the "dirtiest" of all fossil fuels and currently accounts for about 45 percent of global energy-related carbon dioxide (CO2) emissions, according to the International Energy Agency (EIA).

Recently, the influx of coal divestment from major global industry players has been encouraging. Earlier this month, the World Bank announced it was significantly scaling back funding for coal-fired power plants after releasing the report Turn Down the Heat: Climate Extremes, Regional Impacts, and the Case for Resilience in June. Citing CO2 emissions and their influence on global climate change, the Bank said it would limit financial assistance to “only rare circumstances.”

Then, according to Climate News Network (CNN), the US Export-Import Bank announced it had decided not to support funding for a multi-million dollar coal-fired power plant in Vietnam.

Shortly thereafter, the European Investment Bank (EIB)—the world’s largest public financial institution—followed suit, introducing new loan lending criteria which would rule out future financial support for coal powered energy. Additionally, there were indications the European Bank for Reconstruction and Development could be bringing in coal-lending restrictions as well.

“Coal is the dirtiest of fossil fuel power sources—polluting local environments, impacting on people’s health and contributing heavily to climate change,” said Sebastien Godinot, economist at the World Wildlife Fund's European policy office. “It is now time for all international financial institutions and especially the European Bank for Reconstruction and Development, to follow the EIB’s example and to clean up their acts, too.”

But there is the larger picture here: the world is using coal for energy generation like never before, and projections are for consumption to grow by at least a third by 2040. With coal prices falling and natural gas prices rising, the EIA says coal’s share of U.S. power generation in the first four months of 2013 averaged 39.5 percent, compared with 35.4 percent in the same period last year.

The shale gas boom in the U.S. means record amounts of relatively cheap U.S. coal are now available for export. The EIA says that U.S. coal exports in 2012 equalled more than 115 million tons—more than double the 2009 figure.

The EU is by far the biggest customer for U.S. coal, with exports to the UK alone going up by about 70 percent in 2012. A big jump in UK coal use is deemed to be largely responsible for a four percent rise in UK CO2 emissions last year. The U.S. accounted for 65 percent of Europe’s increased coal consumption.

CNN reports Germany—the EU’s economic powerhouse and a country often regarded as a leader in cutting CO2 emissions—is gradually upping its coal use.

It all makes grim reading for those hoping to limit CO2 emissions and prevent runaway climate change. Reports from the IEA, based on work by thousands of scientists, emphasize that little time remains to cut emissions and avoid a climate catastrophe. And, warns CNN, as U.S. greenhouse gas emissions have been falling over the past four years, watch for a rise in 2013.

Visit EcoWatch’s COAL and CLIMATE CHANGE pages for more related news on this topic.

——–

EcoWatch Daily Newsletter

Tim P. Whitby / 21st Century Fox / Getty Images

The beauty products we put on our skin can have important consequences for our health. Just this March, the U.S. Food and Drug Administration (FDA) warned that some Claire's cosmetics had tested positive for asbestos. But the FDA could only issue a warning, not a recall, because current law does not empower the agency to do so.

Michelle Pfeiffer wants to change that.

The actress and Environmental Working Group (EWG) board member was spotted on Capitol Hill Thursday lobbying lawmakers on behalf of a bill that would increase oversight of the cosmetics industry, The Washington Post reported.

Read More Show Less
A protest march against the Line 3 pipeline in St. Paul, Minnesota on May 18, 2018. Fibonacci Blue / CC BY 2.0

By Collin Rees

We know that people power can stop dangerous fossil fuel projects like the proposed Line 3 tar sands oil pipeline in Minnesota, because we've proved it over and over again — and recently we've had two more big wins.

Read More Show Less
Sponsored
Scientists released a study showing that a million species are at risk for extinction, but it was largely ignored by the corporate news media. Danny Perez Photography / Flickr / CC

By Julia Conley

Scientists at the United Nations' intergovernmental body focusing on biodiversity sounded alarms earlier this month with its report on the looming potential extinction of one million species — but few heard their calls, according to a German newspaper report.

Read More Show Less
DoneGood

By Cullen Schwarz

Ethical shopping is a somewhat new phenomenon. We're far more familiar with the "tried and tested" methods of doing good, like donating our money or time.

Read More Show Less
Pixabay

Summer is fast approaching, which means it's time to stock up on sunscreen to ward off the harmful effects of sun exposure. Not all sunscreens are created equally, however.

Read More Show Less
Sponsored
Mark Wallheiser / Getty Images

The climate crisis is a major concern for American voters with nearly 40 percent reporting the issue will help determine how they cast their ballots in the upcoming 2020 presidential election, according to a report compiled by the Yale Program on Climate Change Communication.

Of more than 1,000 registered voters surveyed on global warming, climate and energy policies, as well as personal and collective action, 38 percent said that a candidate's position on climate change is "very important" when it comes to determining who will win their vote. Overall, democratic candidates are under more pressure to provide green solutions as part of their campaign promises with 64 percent of Democrat voters saying they prioritize the issue compared with just 34 percent of Independents and 12 percent of Republicans.

Read More Show Less
Flooding in Winfield, Missouri this month. Jonathan Rehg / Getty Images

President Donald Trump has agreed to sign a $19.1 billion disaster relief bill that will help Americans still recovering from the flooding, hurricanes and wildfires that have devastated parts of the country in the past two years. Senate Republicans said they struck a deal with the president to approve the measure, despite the fact that it did not include the funding he wanted for the U.S.-Mexican border, CNN reported.

"The U.S. Senate has just approved a 19 Billion Dollar Disaster Relief Bill, with my total approval. Great!" the president tweeted Thursday.

Read More Show Less
Reed Hoffmann / Getty Images

Violent tornadoes tore through Missouri Wednesday night, killing three and causing "extensive damage" to the state's capital of Jefferson City, The New York Times reported.

"There was a lot of devastation throughout the state," Governor Mike Parson said at a Thursday morning press conference, as NPR reported. "We were very fortunate last night that we didn't have more injuries than what we had, and we didn't have more fatalities across the state. But three is too many."

Read More Show Less