Several countries had already agreed to phase out fossil fuels by ending international funding for coal, but this agreement is the first of its kind to include oil and gas projects, CNN reports.
“This is a historic breakthrough that would not have been possible just a few years ago,” Iskander Erzini Vernoit, a climate finance expert at the E3G think tank, told CNN. “This group of leading countries shows how fast energy standards are changing.”
Jake Schmidt, A senior strategic director of the Natural Resources Defense Council, said the agreement “will help advance the transition to renewable energy,” but also noted that the president Joe Biden there is still work to be done to ensure that the United States is fully involved.
The strength of the agreement will depend on how many countries end up signing it and whether it will involve some of the world’s largest donors of fossil fuels, CNN reports.
The United States, the United Kingdom, Finland, Canada, Italy, Switzerland and New Zealand, among others, were parties to an agreement committing to “ending new direct public support for the international fossil fuel energy sector by the end of 2022, except under limited and clearly defined conditions. With the global warming limit of 1.5 ° C and the objectives of the Paris Agreement. “
Environmental groups praised commitments to end funding for fossil fuel projects abroad. So far, some of the biggest emitters of greenhouse gases have refused to give up the use of coal, which is one of the most important steps in resolving the climate crisis.
COP26 Chairman Alok Sharma said the agreement on decommissioning coal is one of the summit ‘s top goals, CNN reports.
The British government announced on Thursday that 23 new countries had committed to giving up coal power. However, China, India and the United States did not sign the Global Coal to Clean Power Transition Statement. With the new commitments, the total number of signatories is 46.
While some major coal users – including Indonesia, Ukraine and South Korea – were on the list, the targets fall short of what experts, including the International Energy Agency, are calling for to achieve zero emissions by 2050.
The statement obliges signatories to phase out coal power in large economies by the 2030s and in the rest of the world by the 2040s. The countries also agreed to cut all funding for new coal-fired power generation domestically and internationally, CNN reports.
In October, the UN Environment Program’s annual “production deficit” report found that the world will produce about 110 percent more coal, oil and gas by 2030 than would be necessary to limit warming to 1.5 degrees Celsius compared to pre-industrial times. 45 percent more than would be consistent with a 2 degree.
A recent study published in the journal Nature found that the vast majority of the planet’s remaining oil, gas and coal reserves must remain in the earth by 2050 to avoid the worst consequences of climate change. According to the authors, most regions around the world need to reach peak fossil fuel production now or in the next decade in order to limit the critical climate threshold, CNN reports.
And the International Energy Agency’s latest outlook said more aggressive climate action is needed from world leaders, even though the transition to clean energy will lead to a decline in the oil industry.
Source: ANI