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The Latest: UK, Canada Launch Alliance to Phase out Coal

The Latest: UK, Canada Launch Alliance to Phase out Coal

Thursday, 16 November 2017 05:20 AM

BONN, Germany (AP) — The Latest on the climate talks in Bonn, Germany (all times local):

10:45 a.m.

Britain and Canada are launching a new alliance aimed at encouraging countries to phase out the use of coal as part of efforts to curb climate change.

The Global Alliance to Power Past Coal is being unveiled Thursday at an international climate meeting in Bonn, Germany.

While coal-fuelled power stations are considered one of the biggest sources of carbon dioxide that's heating up the Earth's atmosphere, countries such as Indonesia, Vietnam and the United States are planning to expand its use in the coming years.

Even Germany and Poland, hosts of climate talks this year and next, are holding onto coal for the foreseeable future.

The new anti-coal alliance is expected to include Finland, France, Italy, Mexico, New Zealand and several U.S. states committed to the Paris climate accord.

8:25 a.m.

A Norwegian investment fund that manages assets worth over $80 billion is pulling investments from ten companies over their involvement in the coal sector.

Storebrand, Norway's biggest private pension provider, says it divested from companies including German energy company RWE, Poland's PGE and Eskom Holdings of South Africa.

Its chief executive, Jan Erik Saugestad, said Thursday the decision is meant as a warning to utility companies to "clean up" their energy sources "or lose customers and investors."

Storebrand said it hopes the much larger Norwegian Sovereign Wealth fund, which holds $1 trillion generated from the country's sale of oil, will follow its divestment decision.

The move comes as over half a dozen countries attending global climate talks in Bonn, Germany, announce an alliance on phasing out the use of coal.

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The Latest on the climate talks in Bonn, Germany (all times local):10:45 a.m.Britain and Canada are launching a new alliance aimed at encouraging countries to phase out the use of coal as part of efforts to curb climate change.The Global Alliance to Power Past Coal is being...
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2017-20-16
Thursday, 16 November 2017 05:20 AM
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