Overnight Energy & Environment – Presented by the American Petroleum Institute – United States Pledges to End Fossil Fuel Funding Abroad

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Welcome to Thursday’s Energy and Environment Show, your source for the latest news focused on energy, the environment and beyond. Subscribe here: thehill.com/newsletter-inscription.

Today we’re looking for new commitments on blocking funding for overseas fossil fuel projects, phasing out coal, and a group of Republicans heading to the global climate summit.

For The Hill, we are Rachel Frazin and Zack Budryk. Write to us with tips: [email protected] and [email protected]. Follow us on twitter: @RachelFrazin and @BudrykZack.

Let’s go.

US wants to ditch overseas fossil fuel projects

The United States was among 20 countries that announced an agreement at the COP26 climate conference on Thursday to end funding for fossil fuel development overseas.

Deets: In a deal announced Thursday, countries like the UK, Switzerland and Italy announced the end of all new public financial support to the fossil fuel sector by the end of 2022. The deal makes a big difference. exception for “limited and clearly defined circumstances which are consistent”. with a warming limit of 1.5 ° C and the objectives of the Paris Agreement.

“[I]Relentlessly investing in fossil fuel projects carries increasing social and economic risks, especially in the form of stranded assets, and has negative impacts on government revenues, local employment, taxpayers, taxpayers and public health, ”adds the ad.

Parties to the agreement “will encourage other governments, their official export credit agencies and public financial institutions to implement similar commitments at COP27 and beyond,” the statement added.

Who else is on it? Other signatories include several African and island countries, which comes as conference attendees warned those regions are on the front lines of the crisis and in need of immediate action. Mali, Fiji, Ethiopia and the Marshall Islands have all joined the agreement.

Several major issuers are not on the list of signatories to the agreement, including China, the world’s largest issuer; India the third and Russia the fourth. Chinese President Xi Jinping announced earlier this year that the country would end international support for new coal projects.

Learn more about the new engagement here.

A MESSAGE FROM THE API

Through innovation and new partnerships, we provide energy and reduce CO emissions2 emissions. Learn more.

18 nations – but not the United States – promise to phase out coal

Eighteen other countries pledge to end investments in new coal-fired power plants and phase out this fuel over the next decades.

The pledge, led by the UK, comes as countries come together for a global climate summit and has also resulted in other pledges on methane emissions and deforestation.

As part of the new pledge, 18 countries, including Poland, Vietnam and Chile, will agree for the first time not to build or invest in new coal-fired power plants nationally and internationally, according to a British press release.

Countries have pledged to phase out coal-fired power in the 2030s if they are large economies or in the 2040s if not.

They also pledged to step up the deployment of clean energy production instead.

What about the United States? The United States is not part of the engagement.

Home Secretary Deb Haaland dodged questions during a call with reporters about why the United States did not join.

“We are doing all we can to manage the public lands of the United States … with an eye on climate change, with an eye on the future that we have to offer our children and our grandchildren,” said Haaland.

Learn more about the push here.

Republicans heading to COP

A group of Republican lawmakers are heading for a global climate summit – even though their party remains broadly opposed to national actions to tackle climate change.

“I want to show the United States and the world that Republicans care enough” to be active participants on the climate, Curtis said Thursday, noting that their failure to do so had “damaged our brand.”

“We have very good ideas. But when we’re not at the table – which, to be honest, we haven’t been – we can’t stand up for our ideas. “

At the conference, lawmakers are expected to meet with foreign leaders, attend outside meetings and review the technology, according to Graves.

Will everything be hot and blurry? When asked how he thought the GOP would be received, the lawmaker joked that it “depends on how much scotch these people got.”

“People who are actually practitioners, people who have worked in energy technology, I think we will be very well received there,” he said. “Those people who have chosen this as a more emotional issue, I think that’s where we’re going to run into challenges.”

Learn more about the GOP / COP journey here.

A MESSAGE FROM THE API

Through innovation and new partnerships, we provide energy and reduce CO emissions2 emissions. Learn more.

WHAT WE READ

Secret justice system threatens Paris climate deal, whistleblower says The Guardian reports

OPEC + rejects US calls for a faster increase in oil production, Reuters reports

The dark secrets behind the climate promises of the big oil companies, Floodlight Reports

Why water is the next net zero environmental goal, CNBC Reports

ICYMI

Energy ministers of the world meet in Pittsburgh next year

Haaland: the reconciliation bill will be adopted but may “take a little longer”

Democrats call on Biden to sanction climate change contributors

Facebook under pressure to fight climate disinformation

And finally, something quirky and quirky: Birds and bats.

That’s all for today, thanks for reading. Discover The Hill’s energy and environment page for the latest news and coverage. Well see you tomorrow.



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