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COP26: Calls to end fossil fuel subsidies absent from climate pact

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Despite increasing concerns over climate change, banks continue to provide hundreds of billions in financing for industries such as coal power every year.

The latest draft of the COP26 climate pact does not call for fossil fuel subsidies to end, according to Bloomberg.

The text even weakens demands for a phase-out of fossil fuels subsidies and coal.

It now calls for the phase-out of “unabated” coal power and of “inefficient” subsidies for fossil fuels.

That draft waters down expectations of deeper emissions cuts. and “requests” countries to come back with new 2030 plans by 2022, instead of being “urged” to as previously written.

This follows US, China, India and Australia refusing to sign up to a pact during COP26 to phase out fossil fuels by 2030.

More to follow…