Global Cut in Fossil Fuel Funding Raises Concerns Over Clean Energy Focus
A coalition of 35 countries has reduced international fossil fuel funding by up to 78%, despite some members approving new projects. Initially agreed in 2021 to promote clean energy, the initiative faces challenges due to geopolitical tensions and the U.S. withdrawal, raising concerns over future multilateral cooperation.
A recent report unveiled that international fossil fuel funding dropped by up to 78% last year among a coalition of 35 countries, yet nations like Germany and the United States still approved new ventures.
Originally, countries agreed at the 2021 UN climate discussions to end support for fossil fuels by 2022, focusing instead on clean energy through the Clean Energy Transition Partnership. This encompassed export finance and development assistance.
Nevertheless, the recent analysis by the International Institute for Sustainable Development and other NGOs highlights risks such as trade wars and geopolitical tensions, compounded by the U.S. prioritizing fossil fuel production, jeopardizing future cooperation and stalling clean energy advancements.
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