Landmark agreements at COP26 put nails in coal’s coffin
Global emissions from fossil fuels have now rebounded to pre-pandemic levels. So it’s particularly significant that on Wednesday, at the UN climate conference COP26 in Glasgow, at least 25 countries agreed to end public subsidies for overseas oil and gas development and extraction starting at the end of 2022. China, Japan and South Korea, all heavily involved in funding fossil fuels abroad, have all signed on. In addition, more than 23 countries have committed to ending coal altogether.
Kate DeAngelis, international finance program manager for Friends of the Earth US, said: “Last year at this time I would not have thought we would see countries commit to ending billions of dollars in support for international fossil fuel projects. While this is welcome progress, countries, especially the US, must hold firm to these commitments, shutting off the spigot to fossil fuel companies like Pemex and Exxon. Laggards like Japan and Korea must also step up and join this commitment to enhance its efficacy.”
The 23 countries that announced yesterday that they will commit to phasing out coal include five of the 23 top coal-using nations. This follows on the heels of announcements at the G20 earlier this week and at the G7 announcement in May that they will end financing for coal. [Continue reading…]