At least 19 countries plan to commit at the COP26 climate summit on Thursday to stop public financing for fossil fuel projects abroad by the end of next year, according to two people familiar with the talks.
The British government, which is leading the effort, was in last-minute talks on Wednesday to clinch deals with more countries to sign the pledge before it is launched, the sources said.
The countries will commit to end public support for foreign fossil fuel energy projects by the end of 2022, though the deal would allow for unspecified exemptions in limited circumstances. Denmark said on Wednesday that it would halt international financing for investments, projects or activities that promote fossil fuels by the end of this year, with exemptions for some gas projects that meet "strict conditions" until 2025.
The agreement, while not binding, would attempt to build consensus between wealthier and poorer nations around overseas financial support to stop backing fossil fuel projects and instead support clean energy both to curb emissions and to avoid building stranded assets.
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