UK Leasing

United States joins urge to block flow of tax funds to overseas fossil fuel projects

The United States was among 20 countries that announced a agreement at the COP26 climate conference on Thursday to end funding for overseas fossil fuel development.

In a deal announced Thursday, countries like the UK, Switzerland and Italy announced the end of all new public financial support to the fossil fuel sector by the end of 2022. The deal makes a big difference. exception for “limited and clearly defined circumstances which are consistent”. with a warming limit of 1.5 ° C and the objectives of the Paris Agreement.

“[I]Relentlessly investing in fossil fuel projects carries increasing social and economic risks, especially in the form of stranded assets, and has negative impacts on government revenues, local employment, taxpayers, taxpayers and public health, ”adds the ad.

Parties to the agreement “will encourage other governments, their official export credit agencies and public financial institutions to implement similar commitments at COP27 and beyond,” the statement added.

The other signatories include several African and island countries, which comes as conference attendees warned that these regions are on the front lines of the crisis and require immediate action. Mali, Fiji, Ethiopia and the Marshall Islands have all joined the agreement.

Several large issuers are not on the list of signatories to the agreement, including China, the world’s largest emitter, India the third and Russia, the fourth. Chinese President Xi Jinping announced earlier this year that Beijing would end international support for new coal projects.

American officials, including the climate envoy John KerryJohn KerryEquilibrium / Sustainability – Presented by Delta – Governor of Louisiana visits huge wood-burning plant Least developed countries call on big emitters to step up Biden rallies nations to cut methane emissions, have repeatedly stressed the need for cooperation between India and China for significant emission reductions. The Indian and Chinese leaders, meanwhile, pointed to their relatively recent industrialization compared to Western powers such as the United Kingdom and the United States.

In the USA, President BidenJoe BidenDemocrats Pressed Panic Button After Virginia Collapse Manchin Says He Won’t Vote to Overt Senate MP Carville Blames “Stupid Wake Up” for Democrats’ Loss MORE ordered a temporary hiatus on new oil and gas rentals on public lands in January. A federal court ordered the hiatus to end over the summer, and the Home Office resumed lease sales even as the government appeals the decision.

The announcement is separate from another deal announced at COP26, in which 18 countries announced they would no longer invest in coal projects nationally or internationally. The parties to the agreement have committed to end coal-fired electricity by the 2030s for major economies and, in the case of developing economies, by the 2040s.


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