According to the latest draft, there is no commitment on paper to stop financing fossil fuels with public money. This latest draft includes, in 8 pages and 94 articles, commitments and measures to achieve, among other things, that warming does not exceed 1.5 ºC.
Today ends the COP 26 Climate Summit in Glasgow, and this morning a new draft document to try to reach an agreement between the almost 200 nations present in Glasgow. The eraser dilutes commitments made in previous draft around the phasing out of fossil fuels.
The previous draft had stated bluntly that the world should commit to stop funding fossil fuels in general with public money and phase them out.
Arab nations, many of which are major oil and gas producers, had opposed defending the draft.
The paragraph now reads: “COP26 urges Parties to accelerate the development, deployment and diffusion of technologies and the adoption of policies for the transition to low-emission energy systems, including rapidly increasing the generation of clean energy and accelerating the phase-out of coal power and subsidies inefficient for fossil fuels“.
Therefore, according to this latest draft, there would be, not at least, by default, a clear commitment to stop financing fossil fuels with public money, since they only aim to cut “inefficient” aid, that is, only one part of the aid.
(We are working to expand the information)
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