ESG Updates

COP 26 – Day 4

Egypt Makes Commitment to end coal
Egypt, alongside 23 other nations including Indonesia, Vietnam, Poland, South Korea, Spain, Nepal, Singapore, Chile, and Ukraine made a paramount commitment to phase out reliance on coal. Additionally, in a new ‘Global Coal to Clean Power Transition Statement’ 47 countries including Egypt make multitudinous commitments to,

“Rapidly scale up our deployment of clean power generation and energy efficiency measures in our economies, and to support other countries to do the same,”

“Rapidly scale up technologies and policies in this decade to achieve a transition away from unabated coal power generation in the 2030s for major economies and in the 2040s globally,”

“Cease issuance of new permits for new unabated coal-fired power generation projects, cease new construction of unabated coal-fired power generation projects and to end new direct government support for unabated international coal-fired power generation” and,

“Strengthen our domestic and international efforts to provide a robust framework of financial, technical, and social support to affected workers, sectors and communities to make a just and inclusive transition away from unabated coal power”

End of coal financing
Building on the proliferation of commitments to end coal, major banks and financial institutions including HSBC, Fidelity International, and Ethos participated by making their own promise to halt funding of unabated coal. Accompanying banks and financial institutions, China, Japan, and South Korea made their own commitments to end overseas coal financing. A landmark commitment means that all significant public international financing for coal power has successfully ceased.

Climate Investment Funds partnerships
Succoured by a $2 billion facility, India, Indonesia, South Africa, and the Philippines announced partnerships with the Climate Investment Funds to accelerate their transitions away from coal power. Furthermore, Indonesia and the Philippines announced strategic partnerships with the Asian Development Bank to support the consignment of coal plants.

Partnership between Energy Transition Council and the Global Energy Alliance for People and Planet (GEAPP)
With $10 billion funding and a purpose to supply reliable renewable energy to 1 billion people in developing economies, prevent 4 billion tons of carbon emissions, and improve and create 100 million jobs by 2030, a partnership between Energy Transition Council and the Global Energy Alliance for People and Planet was formed. The alliance aims to deploy $100 billion in public and private capital to achieve its goals.

Powering Past Coal Alliance
Founded in 2017 and joined by over 160 countries, sub-nationals, and organizations, Powering Past Coal Alliance gained 28 new members including Chile, Singapore, Ukraine, and Poland. This alliance aims to advance and accelerate the retirement of coal power.

Africa and Latin America Green Hydrogen Alliance