Pledges to end financing for fossil fuel projects abroad and phasing out coal have been welcomed by activists and experts - but can they translate into action?
the new pledges, alongside new commitments to slash methane emissions, could limit global warming to 1.8 degrees “if met in full and on time”.
“There’s a very good reason Bolsonaro felt comfortable signing on to this new deal,” said Carolina Pasquali, Greenpeace Brazil’s executive director. While the pledge is welcome, critics point out that following through with it will be a challenge as methane emissions have been vastlyThis is arguably the most significant agreement that came out of the conference, and has been welcomed by campaigners and civil society groups as a step in the right direction.countries and international financial institutions have signed up to the pledge, including the UK, the US, Canada, Italy, a number of developing countries, and the European Investment Bank.
Gencsu points out that the current signatories of the agreement are responsible for at least $18 billion in public finance for oil, gas and coal every year. The agreement says that finance will be mobilised towards clean alternatives. The agreement also allows for exceptions, while it targets “unabated” emissions – both of which need to be more clearly defined.
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