NEWS

Development banks make landmark climate pledge, but no fossil fuel phase out

As a source of funding for many large infrastructure projects, including in the energy sector, public development institutions are key to efforts to steer finance away from fossil fuels and into low-carbon projects.

The world’s public development banks on Wednesday pledged to align their financial firepower with the Paris Agreement on climate change, but avoided a firm commitment to phase out fossil fuel financing. As a source of funding for many large infrastructure projects, including in the energy sector, public development institutions are key to efforts to steer finance away from fossil fuels and into low-carbon projects. Together, such institutions invest around $2.3 trillion each year – equivalent to 10% of all global investments from public and private sources.

https://energy.economictimes.indiatimes.com/news/coal/development-banks-make-landmark-climate-pledge-but-no-fossil-fuel-phase-out/79189541

Menu