UPDATE 1-EU finance arm curbs loans to coal-fired power plants

Baucus Says Finance Panel to Consider Tax Code This Year

The EIB decision follows moves by other multilateral financial institutions such as the Washington-headquartered World Bank to fund coal-fired power stations only in “rare circumstances”. RECONSIDERING COAL The pullback by multilateral banks comes as more private sector lenders are already reconsidering their exposure to coal-related assets. “New coal power plants are no longer viewed as the low-risk, low-cost option for electricity, so we would expect that private finance for coal will stop flowing,” said Athena Ronquillo-Ballesteros of Washington-based think tank the World Resources Institute (WRI). U.S. President Barack Obama said earlier this month his administration would impose tougher standards on coal-fired power stations at home and urged multilateral lenders to curb finance to the sector abroad, except for the poorest countries.

We just have to sit down and start to work, so well see, Roberts said. Its a work in progress, but its a serious work. To contact the reporter on this story: Richard Rubin in Washington at rrubin12@bloomberg.net To contact the editor responsible for this story: Jodi Schneider at jschneider50@bloomberg.net U.S. Senator Max Baucus Brendan Smialowski/Bloomberg U.S. Senator Max Baucus, a Democrat from Montana, isn’t running for re-election and will leave Congress Jan. 3, 2015.

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