U.S., UK and EU to end public finance for fossil fuels

Coal-fired power plant (Source: change.org)

In late January, President Biden put out an executive order which directs federal agencies to eliminate fossil fuel subsidies, including coal, and to spur "innovation, commercialisation, and deployment of clean energy technologies and infrastructure" (CleanTechnica). Biden has signalled that part of his administration's focus will be cutting off international public finance for new fossil fuel projects (Coal Wire).

This announcement from the United States (U.S.) comes on the heels of similar commitments from the United Kingdom (UK) and the European Union (EU). For example, it is estimated that the U.S. directs fossil fuel subsidies of around $20 billion per year of which 20% goes to coal and 80% to natural gas and crude oil. The EU fossil fuel subsidies are estimated to be around 55 billion euros annually (CleanTechnica).

If the US, UK and EU join forces to end the tens of billions of dollars per year in public finance for fossil fuels internationally they can work together to make this a reality by the UN Climate Summit in Glasgow this November (Oil Change International). This is huge!

References: 

- CleanTechnica: Biden orders end to fossil fuel subsidies, promotes equity for underserved communities, January 28, 2021 

- Coal Wire Editorial, 354, January 29, 2021 

- Oil Change International: http://priceofoil.org/2021/01/27/biden-order-international-finance/

- Biden's climate agenda: is this the beginning of the end for fossil fuels? BBC News, January 31, 2021.

Austria and Sweden are free of coal-fired power plants

Source: RenewEconomy

In April this year, Austria and then Sweden closed down their last coal-fired power plants. Sweden reached the target two years earlier than planned. They are the second and third countries to go coal-free in Europe, Belgium did so in 2016. 

Six more European countries are expected to follow suit by 2025 or earlier. They are France in 2022; Slovakia and Portugal in 2023; the UK in 2024 and Ireland and Italy in 2025. Five more countries are scheduled to join them by 2030, which is the necessary date for Europe to meets its UN Paris agreement. They are Greece in 2028; the Netherlands and Finland in 2029 and Hungary and Denmark in 2030. Discussions are underway for other European countries to join them. 

Read more: 
- Sweden exits coal two years ahead of schedule, Austria closes last coal plant. RenewEconomy, April 24, 2020. 
- Sweden follows hot on Austria’s heels to go coal free. Europe Beyond Coal, April 21, 2020. 
- Austria ends coal era and commits to more renewable energy. Bloomberg, April 17, 2020.
- Belgium says goodbye to coal power use. Climate Action Network Europe, April 6, 2016.