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

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

National emissions have increased each year since
the emissions reduction fund replaced the abolished
carbon price scheme in 2014. 

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 2008 to stimulate spending to combat global warming.

Read the story from The Guardian by Adam Morton - “Out on its own: Australia the only country to use climate funding to upgrade coal-fired plants.”