Joint statement also prioritizes clean energy finance by end of 2022

Joint statement also prioritizes clean energy finance by end of 2022
J. David Ake/The Associated Press

Canada has joined the U.S., the U.K. and 21 other countries in a historic deal to stop new direct public finance for coal, oil and gas development by the end of 2022.

The deal, signed at the COP26 climate meeting in Glasgow, Scotland, also promises more emphasis on financing renewable energy.

The government of Canada says it has yet to define the scope of the new policy.

The deal allows for continued finance of fossil fuels in limited circumstances that are consistent with international climate goals.

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The joint statement issued this morning during the U.N. climate summit is the first international political commitment to address public finance for oil and gas.

The 24 signatories say they will encourage other governments as well as their export credit agencies and public finance institutions to implement similar commitments.

This report by The Canadian Press was first published Nov. 4, 2021. 

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