One more step to promote renewable energies.
At least 19 countries announced on Thursday that they will put an end to overseas financing of fossil fuel projects without carbon capture techniques by the end of 2022.
Among the signatories are large investors such as the United States and Canada.
“Investing in fossil fuel projects without carbon capture systems carries increasing social and economic risks,” said a joint statement from the signatories released at the COP26 international climate conference in Glasgow.
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G20 nations recently agreed to stop supporting overseas coal-fired power plants.
The plan announced Thursday, at the initiative of London, includes for the first time gas and oil, and promises to redirect this money towards renewable energies.
“We need to put public funding on the right side of history.
Putting an end to international funding for all these fossil energy projects is essential if we are to be able to maintain the 1.5 ° C target ”, of warming from the Paris Agreement, commented the British Secretary of State for Business , Greg Hands.
Naturally present in the earth's subsoil, fossil fuels are the type of energy most used by humans (for heating, transport, electricity, etc.).
However, the sources of fossil fuels are not inexhaustible and mainly emit greenhouse gases.
Oil, gas and coal still make up 80% of final energy consumption, generating three quarters of climate change, according to the International Energy Agency (IEA).
A resumption of activity with fossil fuels
Admittedly, the pandemic shut down a large part of the world and its economy which is very dependent on fossil fuels, causing a spectacular drop of 5.4% of total CO2 emissions in 2020. But the lull was short-lived .
In 2021, CO2 emissions are expected to rebound by 4.9% to approach the absolute record of 2019, according to a study by the Global Carbon Project, published on the occasion of COP26.
Because despite the promises of “green” post-Covid recovery plans, the recovery is mainly taking place with fossil fuels: emissions from coal should thus exceed their level of 2019, that is to say before the crisis. Covid.
