U.S., UK & Allies Commit to Shift Investment from Fossil Fuels to Renewable Energy Abroad

GLASGOW, SCOTLAND  – The United States, Canada, United Kingdom and Italy are among 20 countries that committed at the COP26 climate summit today to end overseas public financing for fossil fuel projects by the end of next year, steering spending instead into clean energy. Earlier this year, President Biden directed federal agencies to stop investing in fossil fuel projects abroad.

The following is a statement by Jake Schmidt, senior strategic director, International Climate in the International Program at NRDC (Natural Resources Defense Council):

“This move sends a strong signal for clean energy. Crucial countries and financial institutions have firmly and finally committed to end overseas public financing of fossil fuel development and projects. This will help drive the transition to renewable energy forward to keep 1.5 C alive. Next up, President Biden must ensure that the entire federal government is aligned with this important climate-protection initiative.”

Among others who signed on to end overseas investment in fossil fuels are Denmark, Finland, Costa Rica, Ethiopia, Gambia, New Zealand and the Marshall Islands, and several development banks. 

For more:

NRDC Blog: US Climate Finance Plan Restricts Fossil Fuel Finance: https://www.nrdc.org/experts/han-chen/us-climate-finance-plan-restricts-fossil-fuel-finance

“This is an urgent priority since the U.S. has provided over $44 billion dollars for fossil fuel projects overseas in the last decade.”

NRDC blog: US Will Oppose Fossil Fuel Projects at Development Banks https://www.nrdc.org/experts/jake-schmidt/us-will-oppose-fossil-fuel-projects-development-banks

“This Treasury guidance is a first step in the implementation of the U.S. Climate Finance Plan, which directs agencies to “seek to end international investments in and support for carbon intensive fossil fuel-based energy projects [emphasis added].” 

NRDC blog on China ending overseas coal finance: https://www.nrdc.org/experts/alvin-lin/china-announces-it-will-not-build-new-coal-plants-abroad-0

NRDC (Natural Resources Defense Council) is an international nonprofit environmental organization with more than 3 million members and online activists. Since 1970, our lawyers, scientists, and other environmental specialists have worked to protect the world's natural resources, public health, and the environment. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Bozeman, MT, and Beijing. Visit us at www.nrdc.org and follow us on Twitter @NRDC.

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