GLASGOW, SCOTLAND – The United States, Canada, United Kingdom and Italy are among 20 countries that pledged today at the COP26 climate summit to end foreign public funding for projects in fossil fuels by the end of next year, shifting their spending toward clean energy instead. Earlier this year, President Biden ordered federal agencies to stop investing in overseas fossil fuel projects.

The following is a statement from Jake Schmidt, Senior Strategic Director, International Climate in the International Program at NRDC (Natural Resources Defense Council):

“This decision sends a strong signal in favor of clean energy. Critical countries and financial institutions have made a firm and definitive commitment to end overseas public funding for development and fossil fuel projects. This will help advance the transition to renewable energy to keep 1.5C alive. Next, President Biden must ensure that the entire federal government is aligned with this important climate protection initiative. “

Denmark, Finland, Costa Rica, Ethiopia, Gambia, New Zealand and the Marshall Islands, as well as several development banks, have notably signed to end foreign investment in fossil fuels.

For more:

NRDC Blog: US Climate Finance Plan Restricts Fossil Fuel Financing: https://www.nrdc.org/experts/han-chen/us-climate-finance-plan-restricts-fossil-fuel-finance

“This is an urgent priority as the United States has provided more than $ 44 billion for overseas fossil fuel projects over the past decade.”

NRDC Blog: US to Oppose Fossil Fuel Projects in Development Banks https://www.nrdc.org/experts/jake-schmidt/us-will-opposer-fossil-fuel-projects-development-banks

“These Treasury guidelines are a first step in implementing the US climate finance plan, which calls on agencies to” seek to end international investment and support for carbon-intensive energy projects based on fossil fuels [emphasis added]. ”

NRDC Blog on Ending Overseas Coal Funding in China: https://www.nrdc.org/experts/alvin-lin/china-announces-it-will-not-build-new-coal-plants-abroad-0

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NRDC (Natural Resources Defense Council) is an international, non-profit environmental organization with more than 3 million members and online activists. Since 1970, our lawyers, scientists and other environmental specialists have worked to protect the world’s natural resources, public health and the environment. NRDC has offices in New York, Washington, DC, Los Angeles, San Francisco, Chicago, Bozeman, MT and Beijing. Visit us at www.nrdc.org and follow us on Twitter @NRDC.


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