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international news

MORE THAN 20 COUNTRIES AT COP26 PROMISE TO END

FINANCING FOR INTERNATIONAL FOSSIL FUEL PROJECTS

THE UNITED STATES and 20 other announcement of the initiative.
countries announced that starting next The new measures are the latest of
year they would stop spending tax several new targets that the International
dollars to support international fossil Energy Agency said could meaningfully
fuel projects, a move the group said alter the trajectory of global warming.
would divert $18 billion a year toward The IEA’s Executive Director Fatih Birol
clean energy. The pledge came just a said that if the new targets “are met in
day after even more nations agreed to full and on time, they would be enough CHINA, JAPAN AND SOUTH KOREA
restrict public financing for coal power, to hold the rise in global temperatures to DID NOT JOIN THE PLEDGE
reports The Washington Post. 1.8°C by the end of the century.”
The decision to curb public spending That marks an improvement in the 30 per cent by 2030.
on fossil fuels — which came as agency’s normally glum assessments, China, Japan and South Korea,
negotiations were underway at the and Birol called it a “landmark which together make up nearly half
COP26 climate conference in Glasgow moment.” The IEA Director credited of international public funding for
— will further restrict investments in measures taken since mid-October, fossil fuel projects, did not join the
drilling, power plants and other projects including Indian Prime Minister pledge. And there appeared to be some
by international development banks Narendra Modi’s strengthening of loopholes. But proponents still said that
and other publicly funded institutions. the country’s 2030 targets, its pledge it could send a positive message.
“The presumption has to be that direct to hit net zero emissions by 2070, “We hope this will lead to the same
finance and public finance toward energy and the pledge by several other large domino effect that we’ve seen with
in developing countries around the world economies to reach net zero emissions. coal finance,” said Laurie van der Burg,
has to be in the clean and green area,” Birol also said that another key factor a Global Public Finance Campaign
John Morton, Climate Counsellor for was that more than 100 countries had Manager at the nonprofit Oil Change
the US Treasury Department, said at the promised to cut emissions of methane International.

UK ASKS QATAR TO BECOME GAS UK had not “requested or secured any
additional shipments from the Qatari
‘SUPPLIER OF LAST RESORT’ government” and that energy supply
remained secure throughout the
winter. Doha declined to comment.
A worldwide gas supply shortage
has caused a surge in prices in recent
months, leaving energy intensive
industries and suppliers in the UK
struggling and many consumers
facing a sharp rise in household bills.
People briefed on the discussions
confirmed that London is pursuing
a potential long-term deal given
concerns over increased competition
for LNG supplies with Asia.
One UK government insider
said: “The Qataris have indicated
QATAR HAS REROUTED FOUR LARGE
TANKERS TO THE UK OVER RECENT WEEKS a willingness to agree longer-term
supply deals to deliver... gas to the UK
THE BRITISH GOVERNMENT has Times. This would ensure a stable in an emergency scenario — a sort of
approached Qatar about the Gulf source of LNG from Qatar even when ‘supplier of last resort’ arrangement.”
state propping up its gas supplies as global supplies are tight. Another person briefed on the
a shortage in Europe pushes prices Qatar has also rerouted four discussions said: “The UK realises
to record levels and raises fears of a large tankers to the UK over recent it needs a long-term deal to have a
winter fuel crisis. weeks. A person familiar with the stable energy supply to the point they
UK ministers and their counterparts talks said the shipments came after become carbon neutral, but it’s not yet
from the world’s largest exporter of UK Prime Minister Boris Johnson clear how this could be done.”
liquefied natural gas have held talks asked Sheikh Tamim bin Hamad A government spokesman said the
over a long-term arrangement where al-Thani, the Qatari emir, at a recent UK held “regular discussions” with
Qatar would become a “supplier of meeting for help. its “key energy partners around the
last resort”, according to The Financial Downing Street insisted that the world ahead of winter”.

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