COP 26 President Alok Sharma announced the new Global Clean Power Transition Statement yesterday. There are 77 signatories, including 46 countries. The UN press release on the announcement says it is “a commitment to end coal investments, scale up clean power, make a just transition, and phase out coal by the 2030´s in major economies, and in the 2040´s elsewhere”.
The biggest coal financing countries, i.e., China, Japan, and the Republic of Korea (South Korea), have stayed out of the agreement, though they have agreed to cease overseas financing of coal projects by end of this year 2021.
The announcement was made inside the Scottish Events Campus. Sharma told the conference about the declaration: “All this helps to power the world to net-zero. We know that there is more to be done, it’s up to all of us governments, business, financial institutions and civil society and we must continue building the moment though alliances and coalitions. I do believe that the end of coal is in sight. I believe that we are getting to a point where we consign coal power to history”
The ‘Powering Past Coal Alliance’ is a body aimed at coal phase-out now includes seven countries and 14 financial institutions.
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