19 nations plan to end public financing of fossil fuel projects

19 nations plan to end public financing of fossil fuel projects

The British government was in last-minute talks on Wednesday with at least 19 countries in an attempt to build a coalition commitment at the COP26 climate summit to stop public financing for fossil fuel projects abroad by the end of next year, Reuters quoted two people familiar with the talks as saying. So far, countries signed on to join include Denmark, Finland, Costa Rica, Ethiopia, Gambia, and the Marshall Islands, plus some development institutions including the European Investment Bank and the East African Development Bank, the report said. The countries will commit to ending public support for foreign fossil fuel energy projects by the end of 2022, though the deal would allow for unspecified exemptions in limited circumstances. One source familiar with the discussions said the countries so far lined up to sign the deal have collectively invested billions of dollars per year in international fossil fuel projects over the last few years. The British government did not immediately respond to a request for comment, Reuters said. China’s green projects China’s central bank governor, Yi Gang, said on Wednesday Beijing was working on a new monetary policy facility to provide low-cost funds for financial institutions to support green projects. Addressing