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19 countries vow to end overseas fossil fuel finance | The Guardian Nigeria News - Nigeria and World News

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Nineteen countries, including the United States, vowed Thursday to end direct funding for all unabated overseas fossil fuel projects by 2022, though major coal, oil and gas funders China, Japan and South Korea were absent from the pledge.

Britain’s Business Secretary Kwasi Kwarteng addresses a session at the COP26 UN Climate Summit in Glasgow on November 4, 2021. – Global CO2 emissions mainly caused by burning fossil fuels are set to rebound in 2021 to levels seen before the Covid pandemic, according to an assessment that served as a “reality check” to vague decarbonisation pledges at a UN climate summit.

“Investing in unabated fossil-related energy projects increasingly entails both social and economic risks… and has ensuing negative impacts on government revenue, local employment, taxpayers, utility ratepayers and public health,” signatories said a joint statement. “Ending international funding for all unabated fossil fuels is the next critical frontier we must deliver on if we are to keep 1.5C within reach,” he said, referring to the most ambitious Paris Agreement climate goal.

These institutions were not covered by Thursday’s pledge, which was cautiously welcomed by environmental groups.

 

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