Stock Groups

New COP26 draft weakens wording on fossil fuels -Breaking

[ad_1]

© Reuters. A delegate looks at a nighttime photo of Earth, taken at the UN Climate Change Conference, COP26 in Glasgow, Scotland (Britain), November 11, 2021. REUTERS/Yves Herman

(Adds dropped word ‘draft’ in headline)

GLASGOW (Reuters – Friday’s UN climate summit draft was made public. The document contained a weaker language about the phasing off fossil fuels in an attempt to get agreement from nearly 200 of the countries represented at Glasgow.

Two words were added to the new draft about fossil fuels. This was in contrast with an earlier draft that had stated baldly that the world must pledge not to continue subsidizing fossil fuels and should be phased out.

The text now includes “unabated”, which refers to coal before it was mined, as well as the elimination of subsidies that are “inefficient” for fossil fuels.

Arab nations are major producers of oil and natural gas. They had previously objected the wording of the previous draft.

Now, the paragraph reads “(COP26), calls upon Parties (and all other parties) to accelerate the deployment, dissemination, and acceleration of technologies, and adopt policies for the transition toward low-emission systems. This includes rapid scaling up of clean power generation, acceleration of the phase-out unabated coal power, and inefficient subsidies of fossil fuels.

Disclaimer Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, futures, indexes and Forex. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]