December 1, 2021

ParkMapper

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In COP26, several countries, including the United States and Canada, have pledged to stop funding fossil fuels abroad.

At least nineteen countries announced on Thursday, November 4, their commitment to end foreign funding for fossil energy projects by the end of 2022. Among them are big investors like the US and Canada, but not France.

“Investing in fossil fuel projects without carbon capture systems carries increasing social and economic risks.”, In a joint declaration of signatories, distributed at COP26 in Glasgow.

G20 countries Gathered recently Public funds should be parked outside the boundaries of new coal-fired power plants by the end of 2021. The plan, announced Thursday in Scotland on the initiative of London, includes gas and oil for the first time, and promises to refund this money in a renewable way. Energies.

“We need to put public funds on the right side of history. If we are to maintain the 1.5 ° C target, it is necessary to stop international funding for all these fossil energy projects. Warming, planned Paris Agreement, Greg Hands, UK Foreign Secretary for the Company commented.

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“One step in the right direction”

According to the International Energy Agency (IEA), all funding for new fossil fuel projects should be stopped immediately to protect this purpose. However, according to NGO Oil Change International, between 2018 and 2020, the G20 alone provided $ 188 billion (16 162 billion) in funding for such projects, mainly through intermediaries with multilateral banks. Their partners).

“This announcement is a step in the right direction”, Dasneem Essop, Director of Climate Action Network International commented. “But it needs to be expanded to many governments and public financial institutions.”, She added.

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“IPCC [Groupe d’experts intergouvernemental sur l’évolution du climat] It is absolutely clear that to avoid a climate catastrophe, we must stop becoming addicted to fossil fuels, and eliminating funding is an essential step., For her part, said Jennifer Lake of the World Resource Organization.

“This is a welcome step, but countries, especially the United States, must abide by these commitments and turn off the pipelines for fossil energy companies.”, Also referred to as Kate Diangelis, American Friends of the Earth.

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Fossil fuels are mainly converted into energy by combustion of coal, oil and natural gas. These hydrocarbons come from the fossilization of organic matter (plants and animals) in the earth’s crust. These resources, in limited quantities, and their creation, over millions of years, greatly exceed human time, and therefore cannot be renewed. In addition to the so-called “conventional” coal, oil and gas, there are shale gas or “unusual” hydrocarbons. Tar sand. The combustion of fossil fuels causes about 80% of CO emissions2.

World with AFP