COP26 climate summit: More than 40 Countries Agree to Quit Coal

Coal-Fired Power

During the COP26 climate summit, more than 40 countries made pledges to shift away from coal-fired power. A huge step forward, but coal-fired power remains the top industrial polluter and biggest contributing factor to climate change.

Major coal-using nations such as Poland, Vietnam and Chile are among those who took this step. However, other major consumers like Australia, India, China and America are yet to make the commitment. 

Countries that signed the agreement pledged to end all new coal power generation investments, both domestic and international. Additionally, major economies will phase out coal power in the 2030s and poorer nations in the 2040s. 

Dozens of organisations also made the commitment, including various major banks agreeing to stop financing the coal industry. 

The UK’s business and energy secretary, Kwasi Kwarteng, said “The world is moving in the right direction, standing ready to seal coal’s fate and embrace the environmental and economic benefits of building a future that is powered by clean energy.” 

Britain’s Shadow business secretary, Ed Miliband, pointed out that there were “glaring gaps” from China and other large emitters, who have not made pledges during the summit. 

While this is a huge step forward, coal still produced approximately 37 percent of the world’s electricity in 2019.  

The head of Greenpeace’s delegation at COP26, Juan Pablo Osornio, said “Overall this statement still falls well short of the ambition needed on fossil fuels in this critical decade.” 

Source: BBC 


More Reads:

Jordan, Greece, and Cyprus release joint communiqué after trilateral summit

RELATED POSTS

Copyright ©️ 2024. The Business Reel. All Rights Reserved.

Discover more from The Business Reel

Subscribe now to keep reading and get access to the full archive.

Continue reading