Just before the two-week-long edition of the UN Annual Climate Change Conference, COP26, with an elevated sense of urgency, key international trade partners, including the US, EU, Australia and Canada, have agreed to end export credit support for unabated coal-fired power plants.

This was agreed at the Organization for Economic Co-operation and Development (OECD) meeting on Friday.

The UK, the host to the COP26 after missing 2020 due to the Covid-19 pandemic, ended all financial support for overseas fossil fuel projects in March 2021 and is encouraging international partners to make similar commitments as President of the G7 and an independent member of the OECD.

The plans, disclosed by Asian Development Bank President Masatsugu Asakawa, increase a previous $80 billion goal for climate financing for developing nations in Asia for the decade announced in 2018.
The Chief of Asian Development Bank (ADB) announced on October 12, 2021, that the lender will boost its climate financing goals by $20 billion to a new target of $100 billion through 2030.

The bank aims to launch its concept for retiring the coal-fired power plants at the COP26 Climate Conference in Scotland in November 2021.