More than 20 countries have pledged to stop funding foreign fossil-fuel projects, but the holdouts — China, Japan, South Korea and Spain — weaken the effort. The nonbinding pact aims to stop foreign fossil-fuel funding by the end of 2022.
More than 20 countries have pledged to stop funding foreign fossil-fuel projects, but the holdouts — China, Japan, South Korea and Spain — weaken the effort, climate officials said Thursday.
The nonbinding pact, whose signatories include the U.S., U.K., Canada and the latest addition, Italy, which had balked earlier, aims to stop foreign fossil-fuel funding by the end of 2022. The agreement applies to new, direct public support for unabated fossil fuel energy projects. U.K. energy minister Greg Hands said it has the potential to shift more than $15 billion annually of public finance, Bloomberg News reported from Glasgow.
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