“The New York State and City public pension funds, collectively valued at over $300 billion, should divest their holdings in coal mining companies. The current position of the U.S. coal industry, and increasingly that of coal producers worldwide, is weak. And the worst is yet to come.”
“A previous report highlighted the high probability of further delays as the financial markets become increasingly concerned about the lack of commercial viability, particularly relating to a move by the seaborne thermal coal market into structural decline. A year and a half on, the Carmichael project remains far from financial close and first commercial coal by 2018 at the earliest.”
Paris/ London/ Tokyo: Pressure is now building for a deal to be reached during OECD negotiations that will be held in Paris during the week of 16 November 2015. Most significantly, the USA and Japan are now reported to have reached a common position, which increases the potential for an overall agreement.
In-depth analysis of Japan and other G7 countries’ position on coal finance is available here http://www.e3g.org/showcase/coal-phase-out
“[A]s the coal industry fights for survival, it has begun to rely on novel and increasingly tenuous arguments. It has embarked on a global campaign to promote coal as the solution to energy poverty. This disingenuous claim is predicated on the notion that coal is the cheapest way of providing electricity to the one-fifth of the world’s population lacking access to an electricity grid. This exploitation of an urgent humanitarian need to promote more coal-burning in poor countries is extremely misleading. If ever implemented, it would actually significantly worsen the condition of the 1.3 billion people mired in energy poverty.”