Twenty countries pledge end to finance for overseas fossil fuel projects

Twenty countries pledge end to finance for overseas fossil fuel projects

UK among countries at Cop26 vowing to divert funds to low-carbon energy from 2022

More than 20 countries and financial institutions will halt all financing for fossil fuel development overseas and divert the spending to green energy instead from next year.

The move marks a significant boost for the transition to clean fuels. The Guardian understands the countries involved include the US, UK, Denmark and some developing countries that would receive such finance, including Costa Rica. The European Investment Bank is one of the financial institutions involved.

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