Ahead of the climate summit, European countries delay ban on fossil fuel financing

Some European countries have retreated from their plans to get rid of fossil fuels, despite previous international pledges to reduce emissions, and thus seek not to raise the Earth’s temperature, hours before the COP27 climate summit in Sharm El-Sheikh, Egypt.

According to Climate change Specializing in climate action, the Netherlands has abandoned its promise to end international financing for fossil fuels this year as Italy and Germany are also showing signs of retreat, pointing out that Italy has watered down a ministerial statement signed by 10 European countries to fulfill the pledge.

Germany also postponed the publication of its policy of implementing the commitment due to internal divisions.

The climate journal explained that the three countries signed a statement in policeman 26 Last year to end new direct public support for the “relentless international fossil fuel energy sector” by the end of 2022, but since Russia’s invasion of Ukraine in February, the scramble to secure gas supplies from alternative sources has created massive headwinds..

“The war in Ukraine has made implementation more difficult, especially in Germany,” said Gerlind Heckmann, deputy director of the German Ministry of Economic Affairs and Climate Action. European economic and finance ministers also met in Berlin on Thursday to discuss aligning export financing with climate goals..

Germany, Italy, France, Belgium, the United Kingdom, Finland, the Netherlands, Spain, Sweden and Denmark attended the Export Finance for the Future Summit (E3F).

In a statement, the group insisted that “the energy crisis does not change its commitment to implementing the statement COP26″.

She recalled that at the meeting, forum members were E3F They intend to adopt a common definition of activities that should be excluded from international public finance from early 2023 and a common approach to how to implement it.

The ministers also agreed to end international financing for exploration, production, transportation, storage, refining, coal, oil and gas distribution, and power generation unabated..

But sources close to the talks told Key Climate News Italy has repeatedly pressed to weaken the language of the statement. It allows each country to follow its own approach to implementation, with joint monitoring.

The statement “recognizes the continued development of national approaches” and allows ministers to “determine on potential policy harmonization between countries”. It has removed a section saying that any exceptions to the fossil fuel ban must be consistent with limiting global warming to 1.5°C..

At the G7 leaders summit earlier this year, Italy joined Germany in softening the leaders’ statement, saying temporary gas investments are “essential” to tackle the energy crisis..

Both countries are considering support for a gas liquefaction facility in Argentina to transport cracked gas to Europe – a move activists say violates a commitment they made in Glasgow, as the Dutch government on Thursday published its policy to exclude fossil fuel financing from export credit subsidies..

Companies and banks will no longer be eligible for subsidies for new fossil fuel projects that break through 1.5°C warming.

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