October 29, 2021 Read More →

G-20 leaders prepare statement to stop funding foreign coal plants

Bloomberg ($):

Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climate objectives that are crucial to keeping global temperatures in check, according to a draft statement for this weekend’s summit.

The 11-page document seen by Bloomberg, which is still being negotiated by diplomats in Rome ahead of the meeting, shows key deliverables have yet to be agreed. The draft, dated Thursday, refers to the “existential challenge” of climate change.

Many references to climate objectives and dates are still in brackets or with large slabs of text highlighted in various colors, meaning they haven’t been finalized. That includes a vow to take “immediate action” to keep the objective of limiting global warming to 1.5 degrees Celsius within reach. There is a reference to ending the use of coal in domestic power generation, but the current wording would give countries wiggle room.

Some sort of agreement among G-20 leaders is essential as many of them then go onto Glasgow for the COP26 climate summit, which is designed to improve on the goals set under the Paris climate accord.

[John Follain, Alberto Nardelli and Ilya Arkhipov]

More: G-20 Leaders Plan to Stop Funding Offshore Coal, Draft Statement Says

Comments are closed.