Germany will stop financing fossil fuels projects abroad
It will continue to support some projects that contemplate generating green hydrogen-based power in the future and some gas projects as exceptions
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
