A quantum leap for climate action : UK pledges to end support for overseas oil and gas projects
Prime Minister announces UK will cut off all taxpayer support for new overseas oil, gas, and coal projects ahead of COP26, in move that has been applauded by campaigners, economists, and opposition parties
The government has pledged to stop direct financing of overseas fossil fuels projects, bowing to years of pressure from campaigners who have argued the UK s continued financing of oil and gas projects.
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The United Kingdom’s prime minister, Boris Johnson, will commit to end the UK’s overseas fossil fuel financing “as soon as possible” at the Climate Ambition Summit. The phase-out of oil, gas, and coal financing applies to aid funding, trade promotion and export finance provided by UK Export Finance (UKEF), the institution that has come under scrutiny for its USD 1 billion investment in a controversial LNG project in Mozambique and for considering to finance the equally controversial East African Oil Pipeline.
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Britain to end funding for overseas fossil fuel projects in climate summit vow Suban Abdulla
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The UK government is set to end foreign funding for oil and gas projects, it announced on Friday as it works to become a global leader on climate change.
The move could see energy projects lose billions in underwriting loans as Britain vows to end direct financing for overseas fossil fuel projects.
It is the latest environmental initiative by prime minister Boris Johnson, who will announce the policy at a key climate summit, which Britain is co-hosting on Saturday.
The UN Climate Ambition Summit marks five years since the adoption of the Paris Climate agreement and will platform leaders who are ready to make new commitments to deliver on the goals set out in 2015.