At least 19 countries, including Italy and the United States, are committed to ceasing all projects they funded abroad on fossil fuels by the end of 2022. “Investing relentlessly in energy projects related to fossil fuels increasingly involves both social risks that economic “reads a press release signed by all the countries involved in this direction, released at the CoP26 climate conference in Glasgow.
In the document, the signatories acknowledge that “global production and use of non-abated fossil fuels must decline significantly by 2030”, and that “the alignment of public and private international financial flows is crucial for the energy transition”. The patrons also recognize “progress in reducing the costs of clean energy, which has become cheaper than unabated fossil fuels in nearly every region of the world.” It is also acknowledged that “investing in energy projects related to undeveloped fossil fuels involves more and more social and economic risks” and “has consequent negative impacts on government revenues, local employment, taxpayers, energy users and public health” . Finally, the signatories acknowledge “the devastating impact of the Covid-19 pandemic and the need for a better and greener recovery”. The signatories are French Development Agency, Albania, Banco de Desenvolvimento de Minas Gerais, Canada, Costa Rica, Denmark, East African Development Bank, European Investment Bank, Ethiopia, Fiji, Finland, Financierings-Maatschappij voor Ontwikkelingslanden NV, Gambia, Italy, Mali, Marshall Islands, New Zealand, Moldova, Portugal, Slovenia, South Sudan, Switzerland, United Kingdom, USA, Zambia.
“The end of coal is in sight. In these two years we have managed to stifle the financing of coal and we see a change in the policies of the countries. All those of the G7 are committed to leaving, recently South Korea and China have also done so. Other countries such as Morocco and Indonesia have pledged not to build power plants anymore. The goal is to end the use of coal in 2030 in developed countries and in 2040 in others, “COP26 president Alok Sharma said this morning in Glasgow, opening the day dedicated to energy.