11/4/2021, 12:24 PM (Source: TeleTrader)
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20 countries vow to end support for fossil fuels

At the COP26 summit on Thursday, 20 countries and five financial institutions agreed to "end new direct public support for the international unabated fossil fuel energy sector by the end of 2022, except in limited and clearly defined circumstances that are consistent with a 1.5°C warming limit and the goals of the Paris Agreement." The signatories include the United States, the United Kingdom and Canada, as well as several European Union member states, but not the union as a whole.

The signatories also vowed to "prioritize our support fully towards the clean energy transition, using our resources to enhance what can be delivered by the private sector." They stated they will encourage other governments and international institutions "to implement similar commitments" as well as "to review, update and strengthen their governance frameworks to align with the Paris Agreement goals."

Baha Breaking News (BBN) / DJ