Major world economies seek to halt new private sector coal financing

Some of the world's major economies want to finalise a plan ahead of this year's UN climate summit to halt new private sector funding for coal projects, five sources with direct knowledge of the matter told Reuters. If approved, the draft proposal by the Organisation for Economic Co-operation and Development, would be the first move by a multilateral institution to curb financing for coal, one of the biggest causes of climate change, which produces more carbon dioxide emissions than oil or gas when it is burned for energy.