"The United States committed today with other countries to stop financing fossil fuel projects abroad by the end of next year, in a seismic shift that could stem the construction of natural gas and oil facilities in lower-income nations.
The pledge, announced at the global climate summit in Glasgow, Scotland, could take billions of dollars away from future fossil fuel production and redistribute it to low-carbon energy projects such as wind and solar. The agreement covers “unabated” projects, which generally refers to fossil fuel facilities that don’t capture carbon dioxide emissions.
“The signing of this statement represents a step forward very much in the right direction,” said Jonathan Wilkinson, Canada’s minister of natural resources.
The announcement goes beyond a separate agreement by the world’s largest economies last weekend to end public financing for international coal power development."
Sara Schonhardt reports for E&E News November 4, 2021.
SEE ALSO:
"Countries Pledge To Cut Heavily Polluting Coal, With Caveats" (AP)
"Greens Praise Fossil Fuel Financing Pact. How Significant Is It?" (E&E News)
"Small Print Gives Indonesia a Way Out in COP Coal Pledge" (Bloomberg Environment)
"The Cost Of Coal In South Africa: Dirty Skies, Sick Kids" (Reuters)
"COP26 Coal Pledge Falls Short On Support As Emissions Surge" (Reuters)
"China, India, Other Big Coal Users Missing From COP26 Phase-Out Deal" (Reuters)
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