Jakarta, CNBC Indonesia– The signs of the abandonment of fossil energy are becoming more evident in the world. A total of 20 countries, Thursday (4/11/2021) made a commitment to end the direct funding of all ongoing overseas fossil fuel projects, by the end of 2022 and redirect funding to environmentally friendly energy.
The countries signed the declaration, at the COP26 Climate Summit in Glasgow, UK. Including the United States (US), Canada, Denmark, Italy, Finland, Costa Rica, Ethiopia, Gambia New Zealand and the Marshall Islands and five development agencies including the European Investment Bank and the East African Development Bank.
Not only coal, this will also stop financing for oil and gas. But the ‘big players’ in funding such as China, Japan and South Korea (South Korea) were not present.
“Investing in ongoing fossil-related energy projects poses increasing social and economic risks,” the countries signed the joint statement said. AFP, Friday (6/11/2021).
“(This) has a subsequent negative impact on government revenues, local jobs, taxpayers, utility tariff payers and public health.”
Referring to Oil Change International, in 2018 and 2020, the G20 marked US$188 billion of fossil fuels abroad. Especially through multilateral development.
According to the International Energy Agency (IEA), ending investment in fossil projects is necessary for the world to achieve ‘zero’ global emissions by 2050. This is useful for protecting the world from ‘catastrophe’ due to the increase in Earth’s temperature.
The planet’s temperature should be kept no more than 1.5 degrees Celsius, pre-industrial levels. Beyond that, global warming will create a threat to the world and cannot be avoided.
Meanwhile, Bernstein analysts estimate that it takes funds of US $ 2-4 trillion per year until 2050 for green investment. The US itself had made a commitment of US $ 3 billion for this.
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