US and Canada agreed to end investment in fossil fuels
The leading group of countries that stop foreign investment in coal, oil and gas was presented at the Climate Summit in Glasgow on Thursday. Noteworthy is the support of Canada and the United States, which are still major fossil investors today.
The turn is sharp: investments will be completely phased out within a year. This will withdraw a total of $17 billion.
The aim of the countries, including Denmark, Italy, Sweden and the United Kingdom, is to limit global warming to a maximum of 1.5 degrees, as agreed in the Paris climate agreement. Six years ago, countries agreed to reverse polluting financial flows.
The initiative comes from the host United Kingdom and is supported by the European Investment Bank.
The leading group deliberately focuses not only on coal, but also on oil and gas. Among other things, the International Energy Agency says that no more investment in new extraction of oil and gas is needed to keep global warming below 1.5 degrees.