Out on its own: Australia the only country to use climate funding to upgrade coal-fired plants

"Green finance experts say Australia is out of step with World Bank, Europe and the US, which are using funding to combat global warming.

Australia is the only developed country that allows climate change funding to be used to upgrade coal-fired power plants, green finance experts say.

Experts say allowing Vales Point coal-fired power station to register with the Morrison government’s emissions reduction fund, rebadged this week as a “climate solutions” policy, puts Australia out of step with the World Bank, Europe and the US, which have all rejected using climate financing for coal power retrofits.

The World Bank has issued US$13bn in green bonds since

Criminal Countries

2008 to stimulate spending to combat global warming.

China has used green bonds to help build new coal-fired plants to replace older, dirtier stations on the grounds it reduces nitrogen-based emissions causing the country’s oppressive air pollution. But it announced in December it would no longer consider “clean coal” plants – which still emit significant amounts of greenhouse gas – investments in green technology.

Sean Kidney, chief executive of the London-based Climate Bonds Initiative, says China’s shift leaves Australia out on its own."

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