Queen's speech at COP26 'is appropriate' says expert
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Italy, which is co-hosting the talks, told the UK late Wednesday that it wouldn’t sign the pledge but changed its stance at the last minute. Initially, Italy didn’t sign the agreement, and Britons have been furious at co-chairing Italians who “should have signed the declaration.”
There was a lot of backlash today after Italy’s initial refusal to sign this.
Twitter user @the_highsparrow wrote: “Shame on us.”
However, it looks like Italy has decided to take U-turn here as Antonello Guerrera, tweeted “UPDATE: Italy has decided to sign the declaration, “at the very last minute”. (Source) #COP26”
The pact isn’t binding and would still allow limited support for foreign fossil fuel ventures.
It excludes some of the biggest funders of such projects and allows for exemptions.
But it does mark a further tightening of the flow of money from public development banks to oil, gas and coal, Energy Voice reports.
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The UK announced a separate pledge by dozens of institutions and countries to phase out coal power, including 18 nations, such as Vietnam, Poland and Chile, making such a commitment for the first time.
Under the pact, nations aim to stop the use of coal-fired power generation in the 2030s and 2040s, and agreed to end investments in the sector both domestically and overseas.
Still, the plan appears to fall short of the UK hosts’ initial COP ambition to “consign coal to history.”
E3G sustainable finance expert, Iskander Erzini Venoit called it a “historic breakthrough that would not have been possible just a few years ago.”
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