20 nations pledge to end financing of fossil fuels overseas

Countries committed today at the global climate summit in Glasgow to take billions of dollars out of fossil fuel projects by the end of 2022. 

Miriam Turner, co-executive director at Friends of the Earth, said:

“This is a welcome commitment which will shift $8 billion of public finance away from damaging and dirty fossil fuels. This money should be used to invest in renewable energy, and crucially, to assist countries who have done the least to cause the crisis to move towards jobs with a future.

“There are key countries missing though and they are swimming against scientific consensus, which resolutely rules out new coal, oil, or gas. There is no future in fossil fuels, and all of our futures are at risk if we keep burning them. 

"As host of the COP26 conference, the UK clearly needs to end a damaging gas project it is currently supporting in Mozambique, and set a further example by phasing out domestic coal, oil and gas.”

ENDS

Notes

1. Oil Change International has analysed the impact of this commitment on the financing of fossil fuels. You can read more here.