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COP26 sees the end of coal in PortalAutomotriz.com

by Rex Daniel

The COP26 presidency focused on a just transition to clean energy and the rapid phase-out of coal, as part of its efforts to minimize temperature rise in line with the Paris Agreement. The scale of the commitments made today in Glasgow on Energy Day indicates that the world is moving towards a renewable future.

At least 23 countries have pledged to phase out coal-fired electricity, including Indonesia, Vietnam, Poland, South Korea, Egypt, Spain, Nepal, Singapore, Chile and Chile. Ukraine. In a new “Declaration on the Global Transition from Coal to Clean Energy”, countries also pledged to increase clean energy and ensure a just transition away from coal.

Today’s announcements follow a collapse in coal financing, as developed countries pledged new support to help developing countries make the transition to clean energy.

Banks and financial institutions also pledged today at COP26 to end unrestricted coal financing, including major international lenders such as HSBC, Fidelity International and Ethos.

This follows recent announcements by China, Japan, and South Korea to end overseas coal funding, meaning that all major international government funding for coal-fired power has effectively taken hold. end.

In addition, a group of 25 countries, including COP26 partners Italy, Canada, the United States and Denmark, as well as public financial institutions, signed a joint declaration led by the United Kingdom in which they undertake to end international public support for fossil energy. energy sector by the end of 2022 and instead focus on supporting the clean energy transition.

Overall, this represents a variation of $ 17.8 billion per year in public support for fossil fuels and the clean energy transition. Developing countries such as Ethiopia, Fiji and the Marshall Islands have offered their support, showing growing unity. It is an inclusive program that must recognize the development and energy needs of all economies.

It is a historic step. This is the first time that a COP presidency has prioritized this issue and set a bold deadline for international fossil fuel financing.

COP26 has set a new gold standard in the Paris Alignment of International Public Finances and sends a clear signal to private investors to follow.

Today, 28 new members have also joined the world’s largest coal phase-out alliance. The Powering Past Coal Alliance, launched and co-chaired by the UK and Canada. New members include Chile and Singapore, joining over 160 countries, sub-nationals and companies.

In contrast, 20 new countries, including Vietnam, Morocco and Poland, have pledged not to build new coal-fired power plants, matching announcements made last year by Pakistan, Malaysia and the Philippines, and on the basis of the Pact for the creation of electricity without coal launched in September by Sri Lanka, Chile, Montenegro and European partners.

In the past six years, since the adoption of the Paris Agreement, there has been a 76% drop in the number of new coal-fired power plants planned worldwide. This equates to the cancellation of over 1,000 GW of new coal-fired power plants.

In separate announcements, major emerging economies have today taken significant steps to switch from coal to clean energy. India, Indonesia, the Philippines and South Africa have announced partnerships with the Climate Investment Funds to accelerate their transition from the use of energy to coal, supported by a specific facility of $ 2 billion . Indonesia and the Philippines have announced pioneering partnerships with the Asian Development Bank to support the early retirement of coal-fired power plants.

These partnerships are in addition to the groundbreaking $ 8.5 billion deal to support South Africa’s just transition to clean energy, announced at the World Leaders’ Summit on Tuesday.

Source: UN Climate change

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