UK to stop funding overseas fossil fuel projects
The government has announced that it will end direct support for overseas fossil fuel projects, as the UK hosts a key climate summit.
The move means the UK will no longer provide export finance or aid funding for oil, gas or coal projects.
The statement comes as the UK, France and the UN host a virtual climate meeting later on Saturday.
About 75 world leaders will attend, marking five years since the adoption of the Paris climate agreement.
The UK government’s practice of supporting overseas fossil fuel projects through export finance, aid funding and trade promotion has long been controversial.
As the UK moved away from coal, oil and gas at home it was seen as hypocritical to be financing these projects abroad.
Now the Prime Minister, Boris Johnson has agreed to end this practice as soon as possible.
“Climate change is one of the great global challenges of our age, and it is already costing lives and livelihoods the world over, our actions as leaders must be driven not by timidity or caution, but by ambition on a truly grand scale.
“That is why the UK recently led the way with a bold new commitment to reduce emissions by at least 68% by 2030, and why I’m pleased to say today that the UK will end taxpayer support for fossil fuel projects overseas as soon as possible,” Johnson said.
The announcement has been made as the UK hosts a climate ambition summit.
This virtual gathering is taking place after the pandemic caused the postponement of the annual Conference of the Parties, due to take place in Glasgow this year.
The UK says that the short, action-oriented summit will put a premium on new commitments from countries.
Around 70 leaders from all over the world will take part, including the Secretary General of the United Nations, and President Macron of France. Pope Francis will also address the meeting.
The UK will point to its new commitment on overseas fossil fuel projects as well as a new carbon cutting target of 68% by 2030, announced last week by the prime minister.
The EU will also present a new 2030 target of a 55% cut in emissions, agreed after all-night negotiations this week.
China and India will also be taking part, though the extent of their new commitments is not clear.
BBC/Mercy Chukwudiebere
