![]() The Powering Past Coal Alliance, launched and co-chaired by the UK and Canada. Today, 28 new members also signed up to the world’s largest alliance on phasing out coal. COP26 has set a new gold standard on the Paris Alignment of international public finance and sends a clear signal for private investors to follow. It is the first time a COP presidency has prioritised this issue and put a bold end date on international fossil fuel finance. This is an inclusive agenda that must recognise the development and energy needs of all economies. Developing countries including Ethiopia, Fiji and the Marshall Islands offered their support, signalling growing unity. In addition, a group of 25 countries including COP26 partners Italy, Canada, the United States and Denmark together with public finance institutions have signed a UK-led joint statement committing to ending international public support for the unabated fossil fuel energy sector by the end of 2022 and instead prioritising support for the clean energy transition.Ĭollectively, this could shift an estimated $17.8 billion a year in public support out of fossil fuels and into the clean energy transition. ![]() This follows recent announcements from China, Japan and South Korea to end overseas coal financing which now means all significant public international financing for coal power has effectively ended. Today’s announcements follow a collapse in the financing of coal, as developed nations have pledged new support to help developing countries make the transition to clean energy.īanks and financial institutions also made landmark commitments at COP26 today to end the funding of unabated coal, including major international lenders like HSBC, Fidelity International and Ethos. In a new ‘Global Coal to Clean Power Transition Statement’, countries also committed to scaling up clean power and ensuring a just transition away from coal. The breadth of commitments in Glasgow today at Energy Day signal the world is moving towards a renewable future.Īt least 23 nations made new commitments to phase out coal power, including Indonesia, Vietnam, Poland, South Korea, Egypt, Spain, Nepal, Singapore, Chile and Ukraine. Boost comes as overall a 190-strong coalition agrees to phase out coal power and end support for new coal power plants thanks to a package of support from the UK and international partnersĬoal is being consigned to history today at COP26, as countries, banks and organisations move away from the single biggest contributor to climate change.Ī just transition to clean energy and the rapid phase-out of coal has been at the heart of the COP26 Presidency as part of its efforts to minimise temperature rises in line with the Paris Agreement.At least 25 countries and public finance institutions commit to ending international public support for the unabated fossil fuel energy sector by the end of 2022.Major international banks commit to effectively end all international public financing of new unabated coal power by the end of 2021. ![]()
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