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France joins Cop 26 pledge to end fossil fuel financing

  • Market: Coal, Crude oil, Emissions, Natural gas, Oil products
  • 12/11/21

France and Belgium are among the latest countries to sign a declaration to end public financing of unabated fossil fuel projects overseas.

France's ecological transition minister Barbara Pompili signed the declaration at the UN Cop 26 climate summit in Glasgow today, bringing forward France's target to end overseas fossil fuel funding to 2022 from 2035. It comes just a day after France joined the Beyond Oil and Gas Alliance (BOGA), which aims to set an end date to oil and gas production.

"The fight against climate change means leaving fossil fuels behind," Pompili said.

Belgium and Sri Lanka are also among the countries to sign the declaration on fossil fuel funding today, bringing the total to more than 31 countries and institutions since the initiative was launched at the beginning of last week. And pressure is mounting on more to join the pledge as the Cop 26 conference draws to an end this weekend.

"Every country, every city, every company, every financial institution must radically, credibly and verifiably reduce their emissions and decarbonise their portfolios starting now," UN secretary-general Antonio Guterres said today.


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LNG-burning vessels well positioned ahead of 2025


19/09/24
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19/09/24

LNG-burning vessels well positioned ahead of 2025

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US court asked for third Citgo auction extension


19/09/24
News
19/09/24

US court asked for third Citgo auction extension

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Industry decarbonization talks mark progress: EDF


19/09/24
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19/09/24

Industry decarbonization talks mark progress: EDF

Houston, 19 September (Argus) — Growing decarbonization discussions in the oil and gas industry is a sign that momentum is building toward reducing emissions, according to Mark Brownstein, senior vice president of energy transition for the Environmental Defense Fund (EDF). Brownstein, speaking on the sidelines of the Gastech conference in Houston, Texas, noted a "robust conversation" was happening to address CO2 and methane emissions from natural gas use, which was "something you would not have seen five years ago." "Now, what would really make me happy, is to come back here next year, and see that it's not just talk," he said. "That there's real investment, that there's real action and that we're actually beginning to see emissions of methane and other pollutants going down." Brownstein noted that more than 70 companies in the oil and gas industry have committed to the COP 28 decarbonization charter to get to near-zero methane emissions by 2030. "That is a commitment that needs to be expanded to all players," he said. "A commitment that needs to be expanded by investment and real action. I believe the industry can do it. But of course you need to see it." Earlier this year the EDF helped launch MethaneSAT, a satellite that will allow for real-time monitoring of global methane emissions, aimed at bringing transparency to global emissions data. By David Haydon Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Fed rate cuts 'no bearing' for CCUS: NET Power


19/09/24
News
19/09/24

Fed rate cuts 'no bearing' for CCUS: NET Power

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