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Canada, US, Italy among 20 countries to stop financing fossil fuels internationally
(Climate Home News, 4 Nov 2021) Four major economies have agreed to end their support for fossil fuel projects internationally in an announcement campaigners hailed as a “historic breakthrough”.
At an overflowing event on the sidelines of Cop26 climate negotiations in Glasgow, Canada, the US and Italy joined the UK in promising not to commit any new finance for unabated coal, oil and gas projects in other countries by the end of 2022.
Oil Change International campaigner Laurie van der Burg said: “The signatories of today’s statement are doing what’s most logical in a climate emergency: stop adding fuel to the fire and shift dirty finance to climate action.”
E3G sustainable finance expert, Iskander Erzini Vernoit called it a “historic breakthrough that would not have been possible just a few years ago.”
In total, 20 countries and five development banks signed the pledge. Big fossil fuel backers missing from the list include Japan, South Korea, China, France, Germany, Australia, the African Development Bank and World Bank.
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