Twenty countries vow to end overseas fossil fuel funding by end-2022
The US, Canada and 18 other countries have vowed to stop the public financing of oil, gas and coal projects overseas and divert funds to clean energy instead.
The signatories of the pledge also include Albania, Costa Rica, Denmark, Ethiopia, Fiji, Finland, Gambia, Italy, Mali, the Marshall Islands, New Zealand, Moldova, Portugal, Slovenia, South Sudan, Switzerland, the UK and Zambia. Five development institutions, including the European Investment Bank and the East African Development Bank, also signed.
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In a statement on November 4, they said they would "end direct public support for the international unabated fossil fuel energy sector by the end of 2022." However, they can still invest in such projects in "limited and clearly defined circumstances that are consistent with a 1.5oC warming limit and the goals of the Paris Agreement," the statement read, without disclosing further details.
The signatories called on other governments, export credit agencies and public finance institutions to take similar steps.