Absence of large countries such as China, Japan and Germany weakens the COP26 pledge
The UK has corralled about 20 nations, including the US, to pledge to stop funding foreign fossil fuel projects, though the effect of the deal is undermined by the absence of key countries.
The countries and four financial institutions signing the statement are set to include Canada, the US and Denmark — which announced a similar plan on its own on Wednesday. The European Investment Bank is also on board. The UK also 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.
Both the Group of Seven and Group of 20 have already agreed to stop financing overseas coal projects. The UK, US and the EU have already announced restrictions on foreign fossil fuel finance.
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