Wednesday, December 13, 2017

Twenty Companies Join Nations Planning Coal Phase Out

The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. (Credit: Reuters/Brendan McDermid /File Photo) Click to Enlarge.
About 20 companies including Unilever(ULVR.L), EDF(EDF.PA), and Iberdrola(IBE.MC) joined an international alliance of 26 nations on Tuesday pledging to phase out coal to combat global warming.

At a climate summit hosted by French President Emmanuel Macron in Paris, new members of the “Powering Past Coal Alliance” agreed that traditional coal power should be phased out by 2030 in rich nations and by 2050 in other parts of the world.

The coal phase-out plan, launched last month by about 20 governments, widened on Tuesday to companies also including BT(BT.L) , Engie(ENGIE.PA) , Kering(PRTP.PA), Diageo(DGE.L), Marks & Spencer, Orsted(ORSTED.CO) , Storebrand(STB.OL), and Virgin Group.

Nations including Sweden, Ethiopia, and Latvia, as well as the U.S. state of California, also joined the alliance as part of commitments under the 195-nation Paris climate agreement reached on December 12 two years ago.

The companies committed to setting targets to end the use of traditional coal from the power sector, both for consumption and in generating electricity.  Coal could play a continued role, for instance, if greenhouse gas emissions were captured and buried.

Founder members of the alliance, launched at U.N. climate negotiations in Germany, include Britain, France, Canada, Mexico, New Zealand, Costa Rica, and the Marshall Islands

Read more at Twenty Companies Join Nations Planning Coal Phase Out

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