Action by China and US boosts chances of global climate deal

Financial Times

China and the US made such strides tackling their carbon dioxide emissions last year they have boosted chances of sealing a long-sought global climate deal, the world’s energy watchdog said on Monday. But if tougher climate action is finally taken, existing coal-fired power plants risk losing $1.8tn in net revenues in the next two decades, while 8 per cent of new plants face retirement before investments are recovered, new International Energy Agency data shows.

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