COP26: Canada Joins 24 Countries Pledging to End Fossil Fuels Financing Abroad by 2022

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Canada and astatine slightest 24 different countries person committed astatine the COP26 clime summit to extremity each nationalist financing for fossil substance projects overseas by the extremity of 2022, contempt the lack of large Asian countries that lend to a bulk of specified financing.

The determination came Nov. 4 astatine the United Nations clime alteration conference, wherever the 25 countries signed a pledge to prioritize enactment for a “clean vigor transition.”

The signatories see Canada, the United Kingdom, the United States, Denmark, Italy, Finland, Costa Rica, Ethiopia, and New Zealand. Five improvement institutions besides added their signatures, including the European Investment Bank and the East African Development Bank.

“We volition extremity caller nonstop nationalist enactment for the planetary unabated fossil fuels vigor assemblage by the extremity of 2022,” said a associated statement from the signatory countries.

At the UN clime summit, at slightest 23 countries also made caller promises to signifier retired ember power, including 5 of the world’s apical 20 ember power-using countries. Major planetary banks besides committed to extremity each planetary nationalist financing for ember powerfulness by the extremity of this year.

This would screen coal, oil, and state projects that are “unabated”—meaning the burning of fossil fuels without utilizing exertion to trim the resulting CO2 emissions.

Exemptions volition beryllium fixed to unspecified “limited” circumstances, which indispensable beryllium accordant with the Paris Agreement’s people to headdress planetary warming astatine 1.5 degrees Celsius, said the associated statement.

A United Nations property merchandise called the woody “a historical step” that has “set a caller golden standard” connected the alignment of planetary nationalist concern with Paris targets, adding the determination sends a “clear signal” for backstage investors to follow.

Together, the countries that signed the pledge would displacement astir US$18 cardinal successful nationalist enactment for fossil fuels into a cleanable vigor transition, said the release.

Oil Change International said that galore Asian countries person yet to articulation the deal, portion these “laggards,” specified arsenic China, Japan, and South Korea, are successful information large contributors of fossil fuels financing successful the G20, and unneurotic accounted for 46 percent of the G20 and Multilateral Development Banks concern for fossil fuels.

Germany, Spain, and immoderate of the largest EU fossil fuels financiers are besides missing, the radical said.

With files from Reuters

Andrew Chen

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Andrew Chen is an Epoch Times newsman based successful Toronto.

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