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Jennifer Morgan, executive director of Greenpeace International, said it was “a loophole”. “This is one more nail in the charcoal coffin, but only one, and the coffin is not sealed yet,” Ms Morgan added.
Underlining the uncertainty of the commitment, Anna Moskwa, Poland’s climate and environment minister, said, said on Twitter On Thursday, the agreement allowed Poland to phase out coal by 2049. Poland currently gets 70 percent of its electricity from coal and often resists European proposals to move away from fossil fuels faster.
Biden’s administration join a deal On Thursday, it will end “unreduced” oil, gas and coal financing in other countries by the end of next year. Unreduced refers to power plants that burn fossil fuels and discharge pollution directly into the air, without any attempt to capture emissions.
This agreement is expected to significantly help divert public funding from multilateral development funders such as the World Bank away from fossil fuels. The 25 countries and organizations in this agreement, which include Italy, Canada and Denmark, have pledged to prioritize support for low and zero-carbon energy such as wind, solar and geothermal.
Rachel Kyte of Tufts University’s Fletcher School said the decision to stop funding offshore fossil fuel development along with green energy investments was “really important”.
“If we said no to brown energy, political tensions between developing and developed countries would escalate,” he said.
Republicans in the United States have criticized the Biden administration’s commitment to ending oil, gas and coal financing – noting that China, Japan and South Korea, which support the world’s largest foreign oil and gas projects, are not included in the deals.
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