G7 Agrees To End Coal Use But Can It? [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
The news was lauded by some in the green lobby while others, namely Greenpeace , called it “too little, too late”. Now, the biggest question is whether the G7 will turn words into actions—or rather, can it? Coal as a source of power generation across the G7 economies accounted for about 15% of the energy mix, according to data from climate nonprofit Ember cited by Reuters' Gavin Maguire in a review of the commitment and its potential impact on the seven economies. This is not a whole lot, and it is substantially less than the G7 used to generate electricity 20 or 30 years ago. Yet a 15% share in the energy mix may turn out harder to quit than maybe expected, at least for some of the G7 members—such as Germany and Japan, which sourced 25% and 29% of their electricity from coal, respectively. And this is why the agreement has a catch. The catch is the same stipulation as one recently approved by the U.S. Environmental Protection Agency regarding emissions from power generation. Pe
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