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Twenty countries will stop financing fossil fuel abroad in 2022

Twenty countries will stop financing fossil fuel abroad in 2022

About twenty countries and institutions, including USA, Costa Rica, UK, Portugal or the European Investment Bank, pledged this Thursday in the framework of the COP26 climate summit to stop financing fossil fuels abroad by the end of 2022.

"We will end more direct public support for the international fossil fuel energy sector by the end of 2022, except in limited and clearly defined circumstances that are consistent with a 1.5 ° C warming limit and the targets of the Paris Agreement."says the statement.

"Investing in nonstop fossil energy projects carries increasing social and economic risks" with "the consequent negative impacts" on government revenue, local employment, taxpayers and public health, he adds.

The document, which It does not have the support of countries such as China, Japan, Russia or Australia, but it does have the support of Italy, Canada, Albania, Portugal, Slovenia or the United Kingdom, call "to implement similar commitments at COP27 and beyond".

"We will prioritize our full support for the clean energy transition, using our resources to enhance what the private sector can offer"adds the statement, which stresses that this commitment should seek "not cause significant harm" to "the objectives of the Paris Agreement, local communities and local environments".

This group of countries and development banks, such as the East African Development Bank, recognizes that the "findings" and "analysis" from the IPCC and the International Energy Agency show that "global fossil fuel production and use should decline significantly by 2030" to maintain the ambition to keep the increase in temperatures below 1.5 ºC at the end of the century with respect to pre-industrial values.

"Accelerated alignment of international public and private sector financial flows is critical to driving energy transitions, access to energy, and supporting the development of both emerging and existing clean technologies, improving livelihoods and employment prospects throughout the world", add the signatories.

They further emphasize that "reducing the costs of clean energy alternatives, such as solar and wind, to be cheaper than fossil fuels in almost all regions of the world" is "revolutionizing and transforming energy options and access".

"The devastating impacts of the covid-19 pandemic" require a "sustainable economic recovery that saves lives and improves livelihoods", concludes the statement.


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