Cop26, Italy changes its mind at the last minute and signs the stop to financing for countries that invest in fossil fuels

Cop26, Italy changes its mind at the last minute and signs the stop to financing for countries that invest in fossil fuels
Cop26, Italy changes its mind at the last minute and signs the stop to financing for countries that invest in fossil fuels

There is also Italy in between the 21 signatory countries agreement to commit to stop lending to countries that invest in fossil fuels without having developed strategies for reducing emissions. Rome’s signature was far from obvious, indeed in recent days the government had hinted that it would not sign the agreement. The document was prepared by Great Britain and has also garnered the membership of United States and Canada, Switzerland, Finland and New Zealand while China and Japan would not have signed. Germany, hanging in the balance until the last minute, would not appear among the signatories.

The agreement does not imply an immediate and total stop to investments in foreign projects: it is not binding and allows limited support for works already in progress. By the end of 2022, however, the flow of money should stop. “This is a significant step towards the end of the fossil fuel era,” he said Juan Pablo Osornio. Despite a slow shift towards renewables, international public finance remains biased in favor of fossil projects. In 2020, according to Bloomberg estimates, the G-20 nations alone contributed almost $ 600 billion for oil, gas and coal projects.

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Cop26 Italy mind minute signs stop financing countries invest fossil fuels

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