“Gold standard” plan by major world economies to halt new private sector coal financing

Reuters with the report citing 5 unnamed sources. In brief:

• Some of the world’s major economies want to finalise a plan ahead of this year’s U.N. climate summit to halt new private sector funding for coal projects
• If approved, the draft proposal by the Organisation for Economic Co-operation and Development, would be the first move by a multilateral institution to curb financing for coal
• The draft plan, which aims to set a “gold standard” policy for how financial institutions approach coal, instructs investors, banks and insurers to halt new financing to existing or planned coal projects, and end funding to companies building coal infrastructure, the sources said.

Here is the link for more.

Major global coal producers include Australia. This is not going to be a tailwind for AUD if it comes to fruition.

This article was written by Eamonn Sheridan at www.forexlive.com.