Canada joins 24 countries pledged to end foreign fossil fuel financing by 2022

Canada and at least 24 other countries Ending all public financing for overseas fossil fuel projects by the end of 2022, despite the absence of major Asian countries contributing most of such financing at the COP26 Climate Summit I promised.

The decision was made at the United Nations Climate Change Conference on November 4, and 25 countries signed a pledge to prioritize support for a “clean energy transition.”

Signatories include Canada, the United Kingdom, the United States, Denmark, Italy, Finland, Costa Rica, Ethiopia, and New Zealand. Five development agencies, including the European Investment Bank and the East African Development Bank, have also added signatures.

“By the end of 2022, we will end new direct public support for the international unabated fossil fuel energy sector,” he said. Joint statement From the signatory country.

At the United Nations Climate Summit At least 23 countries We have also made a new commitment to phase out coal-fired power generation, including five of the top 20 coal-fired power plants in the world. Major international banks have also promised to end all international public financing for coal-fired power by the end of this year.

It targets “unabated” coal, oil and gas projects. That is, it burns fossil fuels without the use of technology, reducing the resulting CO2 emissions.

According to the joint statement, tax exemptions will be granted for unspecified “limited” situations, which should be in line with the Paris Agreement’s goal of limiting global warming to 1.5 degrees Celsius.

A UN press release called the deal a “historic step” and “set a new gold standard” on the alignment of international finances with Paris’ goals, adding this move to private investors. Send a “clear signal” to follow.

Together, the countries that signed the pledge will shift approximately US $ 18 billion to a clean energy transition with public support for fossil fuels, the release said.

Oil Change International These “lag guards” such as China, Japan and South Korea are actually the major contributors to fossil fuel lending in the G20, accounting for 46% of the G20 combined, but many Asian countries are still in agreement. He said he did not participate. Multilateral Development Banks are raising fossil fuel funding.

Germany, Spain, and some of the EU’s largest fossil fuel lenders are also missing, according to the group.

With a file from Reuters

Andrew Chen


Andrew Chen is a Toronto-based Epoch Times reporter.