COP26 - Day 4: The end of coal
Coal is being consigned to history today at COP26, as countries, banks and organisations move away from the single biggest contributor to climate change.
At least 23 nations made new commitments to phase out coal power by 2022, including five of the world's top 20 coal power-using countries. In a new 'Global Coal to Clean Power Transition Statement', countries also committed to scaling up clean power and ensuring a just transition away from coal. 20 countries, including Vietnam, Morocco and Poland committed to building no new coal plants, matching similar announcements over the past year by Pakistan, Malaysia and the Philippines, and building on the No New Coal Power Compact launched in September by Sri Lanka, Chile, Montenegro and European partners.
Banks and financial institutions also made landmark commitments at COP26 today to end the funding of unabated coal by the end of the year, including major international lenders like HSBC, Fidelity International and Ethos. Collectively with the commitments from countries, this could shift an estimated $17.8 billion a year in public support out of fossil fuels and into the clean energy transition.
Liberal Democrat Spokesperson for Environment Overview and Scrutiny Committee, Councillor Tim Hill said "This announcement has been long overdue but I'm very glad it has now been made on a global scale. A just transition to cleaner energy is a vital part of our fight against climate change and moving finances away from dirty coal power is a welcome step in the right direction. We now need effective plans around how these developing countries are going to replace that power."
As a councillor for Elstow & Stewartby Tim has worked tirelessly to prevent littering and fly tipping in his ward, to improve the environment and air quality. As a member of the Environment Overview and Scrutiny Committee Councillor Hill has also ensured that climate change has been at the forefront of every council project.