Latest News by Industry
Poland, Vietnam, Chile, and other nations committed to phase out their use of coal power for the first time. This announcementt signals a defining moment atCOP26 in the global clean energy transition.
However, the agreement to phase out domestic use of coal excludes the world's most coal-dependent countries, like Australia, China, and India.
Coal is the most polluting fossil fuel, and the greenhouse gas emissions caused by its combustion are the single most significant contributor to climate change.
The agreement's signatories have also promised to cease all new coal power production investment, both domestically and globally.
Today marks a milestone moment in our global efforts to tackle climate change…. commitments made by our international partners demonstrate that the end of coal is in sight, said Kwasi Kwarteng, the British business and energy secretary, in a statement.
Read more: Bill Gates expresses concern, doubts on attainability of 1.5 degrees global warming limit
Kwarteng is urging countries to phase out coal power in the 2030s for large economies and the 2040s for the rest of the world.
The world is moving in the right direction, standing ready to seal coal's fate and embrace the environmental and economic benefits of building a future that is powered by clean energy, said Kwarteng.
The G7, G20, and OECD agreements to cease public international coal funding convey a clear signal that the world economy turns to renewables. Over 40GW of coal might be phased out across 20 countries, comparable to more than half of the UK's energy generating capacity.
Moreover, to reach the Paris Agreement's aim of limiting global temperature rises to 1.5 degrees Celsius, the worldwide transition to clean energy must be four to six times quicker than it is now.
With coal being the single most significant contributor to climate change, phasing it out and implementing a swift, inclusive transition to sustainable energy is critical if we are to stay below 1.5 degrees Celsius.
Read more: Down by 0.1 degrees, catastrophe still eminent, after India & China's target announcement
Denmark, Italy, Finland, Costa Rica, Ethiopia, Gambia, New Zealand, and the Marshall Islands are among the other 28 nations that have signed the agreement.