On November 4, twenty countries and institutions, including the United States had committed to stop by the end of 2022 foreign financing of fossil fuel projects without carbon capture techniques. The Netherlands and Germany join an agreement still shunned by France.
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The agreement widens. Germany and the Netherlands joined, on Monday 8 and Tuesday 9 November, the countries and institutions which had committed, at the start of the COP26, to put an end by the end of 2022 to the financing of fossil energy projects abroad without carbon capture techniques. These new signatures bring the number of countries and institutions involved to 29.
Hooray again! #Germany @JochenFlasbarth signs the # COP26 declaration to stop international public #fossilfuelfinance by end-2022. That’s now almost $ 22bn a year – a third of G20 public finance for fossil fuels – signed up. El Salvador signed this morning. Who’s next? pic.twitter.com/lH2PMBVB4Q
– John Murton (@JohnMurton) November 9, 2021
According to the NGO Oil Change (in English), the presence of Germany alone could deprive the fossil fuel industry of 2.4 billion in subsidies per year, the sum paid by two German institutions between 2018 and 2020. In total, the redirected amount reaches 18.7 billion d ‘euros.
Despite the presidency of the French Development Agency among the signatories, France is still absent from this list. “We strongly encourage the French government to follow the German example”, reacted Anna-Lena Rebaud, who follows this issue within the NGO Friends of the Earth.
“France finds itself more and more isolated on the international scene, regrets Lucile Dufour, of the IISD think tank. France’s current commitment, which will only end gas support in 2035, ignores scientific evidence: the IEA recalls that after 2022, no investment in new oil and gas production is is necessary if we want to limit global warming to 1.5 ° C. “
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