Chief economic advisor Arvind Subramanian’s call for a worldwide coal alliance promoting sustainable use of the cheapest source of power over renewable energy which comes with hidden costs is gaining global support.
World Coal Association (WCA), a global network of producers and other stake holders, has started talks with governments across the world to take the proposal forward, said Benjamin Sporton, chief executive of WCA.
The move comes at a time when the fossil fuel is regaining its status among multilateral lenders as a sector worthy of financing, thanks to US President Donald Trump’s initiative to promote access to affordable sources of energy.
In July, the US Department of Treasury issued a guidance to its executive directors in multilateral development banks to exercise their vote on energy projects and policies that will help countries to access and use fossil fuels more cleanly and efficiently. The guidance issued on 17 July seeks to “promote universal access to affordable, reliable, sustainable and clean energy”.
“We are meeting with people in governments around the world to try and build up momentum to support something like a global coal alliance promoting use of cleaner coal, which is a fantastic idea,” Sporton told Mint last Thursday during a visit to Delhi. Read More…
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