(Glasgow) Canada joined the United States, the United Kingdom and 21 other countries in signing an agreement to end new direct government funding for the development of coal, oil and gas. by the end of 2022.
The agreement, signed at COP26 in Glasgow, Scotland, also plans to put more emphasis on financing renewable energy.
The Government of Canada indicates that it has not yet defined the scope of this new policy.
The agreement also allows for continued financing of fossil fuels under limited circumstances that are consistent with international climate goals.
The joint statement, released Thursday morning at the United Nations climate conference (COP26), is the first international political commitment to address public financing of oil and gas.
The 24 signatory countries say they will encourage other governments, as well as their export credit agencies and public financial institutions, to implement similar commitments.