OECD countries agree to restrict financing for overseas coal power plants

Opposition from Japan overcome in compromise agreement hailed as 'major step forward' by US officials, although not all export financing for coal will be eliminated

A compromise struck by the United States, Japan and several other major nations will restrict export financing to build coal power plants overseas, but not eliminate it completely.

The agreement reached Tuesday is an important step forward that sends a strong political message ahead of upcoming international climate change negotiations in Paris, an American official and environmentalists said. Japan and the United States were long at odds on this issue.