UK vows to stop funding for fossil fuel projects overseas

UK vows to stop funding for fossil fuel projects overseas

BloombergThe UK will become the first major industrialised nation to end all public finance for fossil fuel projects overseas, in an effort to mark itself out as a leader in tackling climate change. Prime Minister Boris Johnson was expected to make the announcement at a virtual United Nations summit , which he's co-hosting with France, Italy and Chile. More than 70 world leaders are due to attend the event, alongside Pope Francis and Apple Inc Chief Executive Tim Cook, who will each pledge to step up ambitions to curb emissions. The summit, which has been planned for months, comes as Johnson's government is locked in fraught negotiations to avoid a chaotic split from the European Union single market on December 31. He wants to use green policies to prove that the UK will continue to have influence outside the EU's trading bloc, including to bolster relations with US President-elect Joe Biden. The incoming White House administration is skeptical of Brexit, but wants to rejoin the Paris climate agreement and Johnson and Biden have already discussed their goals for green policy. While it may have a political upside for Johnson, the new plan will mean changes for business. Siemens AG and