19 countries plan to end fossil fuel deal financing

Glasgow: At least 19 countries plan to commit at the COP26 climate summit on Thursday to stop public financing for fossil fuel projects abroad by the end of next year, according to two people familiar with the talks.The British government, which is leading the effort, was in last-minute talks on Wednesday to clinch deals with more countries to sign the pledge before it is launched, the sources said.Denmark’s Prime Minister Mette Frederiksen shares a laugh with Argentina’s President Alberto Fernandez. Denmark is one of the countries reportedly making the committment.Credit:GettySo far, countries signed on to join include Denmark, Finland, Costa Rica, Ethiopia, Gambia, and the Marshall Islands, plus some development institutions including the European Investment Bank and the East African Development Bank, the sources said.The countries will commit to end public support for foreign fossil fuel energy projects by the end of 2022, though the deal would allow for unspecified exemptions in limited circumstances.One source familiar with the discussions said the countries so far lined up to sign the deal have collectively invested billions of dollars per year in international fossil fuel projects over the last few years.The British government did not immediately respond to a request for comment.Youth climate activist from the Marshall Islands, Selina Leem. The Pacific islands are also a reported signatory. Credit:APGovernments and financial institutions are facing increased pressure to stop funding coal, oil and gas projects responsible for producing the greenhouse gas emissions that are driving climate change, both at home and abroad.Denmark said on Wednesday that it would halt international financing for investments, projects or activities that promote fossil fuels by the end of this year, with exemptions for some gas projects that meet “strict conditions” until 2025.

Source: https://www.smh.com.au/world/europe/group-of-countries-plan-cop26-deal-to-end-financing-of-fossil-fuels-abroad-sources-20211104-p595u2.html?ref=rss&utm_medium=rss&utm_source=rss_world