The G20 countries have recently decided to stop supporting coal-coal projects abroad. The plan announced Thursday includes for the first time gas and oil.
Le Monde with AFP
At least nineteen countries announced, Thursday, November 4, to commit to putting an end by the end of 2022 to foreign funding for fossil fuel projects, including large investors, like the United States and Canada.
“Investing in non-carbon fossil fuels projects increasingly involves social and economic risks,” can be read in a Joint Declaration of the signatories, disseminated to COP26 in Glasgow.
The G20 countries have recently heard to terminate public funding outside their borders of new coal plants by the end of 2021. The plan announced Thursday in Scotland, at the initiative of London, includes For the first time gas and oil, and promises to reorient this money to renewable energies.
Keep the target of 1.5 ° C
“We need to put public funding on the right side of history. End international funding on all these fossil energy projects is essential if we want to be able to keep the target of 1.5 ° C of warming , provided for in the Paris Agreement, commented Greg Hands, the British Secretary of State to Companies.
Fossil energies are mainly coal, oil and natural gas, transformed into energy by combustion. These hydrocarbons come from the fossilization of organic matter (plant and animals) in the land basement. These resources, present in limited quantities and whose training, during tens of millions of years, exceeds the scale of human time, are therefore not renewable. Coal, oil and gas, so-called “conventional”, are added “unconventional” hydrocarbons, such as shale gas or oil sands. Fossil energies combustion represents about 80% of CO emissions 2 .