At least 25 countries and public financial institutions have signed a UK-led joint statement during the Energy Day at COP26 committing to ending international public support for the unabated fossil fuel energy sector by the end of 2022, including COP26 partners Italy, Canada, the US and Denmark.
Collectively, this could shift an estimated $17.8 billion a year in public support out of fossil fuels and into the clean energy transition.
According to the COP26 presidency, 'a just transition to clean energy and the rapid phase-out of coal has been at the heart of the COP26 Presidency as part of its efforts to minimize temperature rises in line with the Paris Agreement.'
Around 23 countries, including five of the world's top coal-consuming countries, made commitments for the first time to phase-out coal power.
An announcement from countries, including Indonesia, Vietnam, Poland, South Korea, Egypt, Spain, Nepal, Singapore, Chile and Ukraine and major international banks committed to effectively end all international public financing of new unabated coal power by the end of 2021.
There has been a 76% drop in the number of new coal plants planned globally over the last six years since the Paris Agreement was adopted. This equates to the cancellation of more than 1,000 gigawatts (GW) of new coal plants.
- Joint endeavor ensures coal is no longer king
COP26 President Alok Sharma lauded the commitment as a “joint endeavor,' on Thursday during the Energy Day at COP26.
Sharma said over 190 international partners reached a strong coalition to phase-out coal power and support for new coal power plants.
“Countries are turning their back on coal and towards cheaper, cleaner renewables and the face of this new reality today includes countries; South Korea, Indonesia, Vietnam, Poland, and Ukraine, which are committing to phase-out coal power.
'Since the Paris Agreement in 2015, there has been a 76% cut in the number of new coal plants planned globally. That's more than 1,000 gigawatts of planned new plants canceled,' he said.
'I think we can say with confidence that coal is no longer king,' he concluded.
By Gulsen Cagatay and Nuran Erkul Kaya in Glasgow, Scotland