Energy

The pledge is limited to ending financing of “unabated” oil and gas projects, and would allow those that include carbon capture and sequestration technology.

The Stepova coal mine just before dawn in Pershotravensk, Dnipropetrovsk region, eastern Ukraine, Monday, April 1, 2019. | Evgeniy Maloletka, File/AP Photo

By ZACK COLMAN

11/04/2021 03:24 PM EDT

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GLASGOW, Scotland — The United States, the U.K. and some 20 other countries and financial institutions pledged on Thursday to stop public financing for most overseas oil and gas projects by next year, though the agreement included wide latitude for participants to set their own exemptions and many of the world’s leading backers of those projects declined to sign on.

The announcement from the COP26 climate summit is part of the effort to keep countries on track to reduce global emissions sharply enough to meet the Paris agreement’s stretch goal of limiting planetary warming to 1.5 degrees Celsius from the beginning of the industrial era. It was hailed by many environmentalists as a critical step toward weaning the international economy off fossil fuels.

The pledge is limited to ending financing of “unabated” oil and gas projects, and would allow those that include carbon capture and sequestration technology. And it is largely in line with President Joe Biden’s January executive order, which called for changes in how the world’s No. 2 greenhouse gas polluter handles public financing for oil and gas projects.

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