Germany on Tuesday joined a declaration to stop financing fossil fuel projects abroad by the end of 2022.

The Secretary of State for the Environment, Jochen Flasbarth, and a representative of the British presidency of the World Climate Conference (COP26) signed the corresponding document in Glasgow.

The alliance, which 28 countries joined, stipulates that the signatories will stop investing state funds in fossil fuel projects outside their territories by the end of 2022.

There are exceptions in “clearly defined circumstances that are consistent with the 1.5 degree target and the Paris Agreement,” the statement said.

Flasbarth, who co-leads the German delegation, said that these exemptions apply to projects that in the future generate energy based on green hydrogen. He added that this was also the reason why he was initially hesitant to join the deal.

He recalled that Germany withdrew long ago from financing coal projects abroad, which facilitates the achievement of the objective established in the declaration. The Secretary of State for the Environment explained that, to some extent, support for gas projects is still necessary, especially for countries that want to make the transition from coal to renewable energy.

Source: dpa

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The Inter-American Development Bank (IDB) has announced that it will allocate 24,000 million dollars for climate and green financing over the next four years. The resources will be allocated to items for the protection and restoration of ecosystems and their biodiversity, as well as the reduction of pollution.

The multilateral organization has indicated that all its loans and projects will be fully aligned with the Paris climate agreement by 2023, a measure that will help the countries of Latin America and the Caribbean to combat climate change and at the same time, advance in the steps to help the most vulnerable populations with a sustainable recovery for all.

The announcement comes as world leaders are meeting at COP26, the UN’s annual conference on climate change, to seek ways to slow global warming and achieve the climate goals agreed at a previous summit in Paris.

“We know that by prioritizing smart investments today, the cornerstone of our global fight against climate change can mutually reinforce our pandemic recovery efforts and we can accelerate our response,” said IDB President Mauricio Claver-Carone.

Between 2015 and 2020, the agency invested in 28 projects with nature-based solution components, for a total of $ 815 million. These projects leveraged an additional $ 437 million in partner funding, for a total of approximately $ 1.25 billion.

The announcement adds to the IDB’s efforts to integrate climate considerations and financing into the agendas and policies of its borrowing member countries. By the end of 2021, at least 75 % of the bank’s regional member countries will have submitted their updated nationally determined contributions, in many cases with IDB support.

Source: dpa

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