# Britain tells climate talks coal era ending as carbon emissions surge
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-11-04
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: 77 Countries Pledge to Phase Out Coal: COP26 Update
Meta Description: Learn about the global commitment to end coal as a major energy source, despite challenges and financial obstacles. Find out how countries are transitioning to
URL: https://financedigest.com/britain-tells-climate-talks-coal-era-ending-as-carbon-emissions-surgehtml

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By Kate Abnett and Elizabeth Piper

GLASGOW (Reuters) -U.N. conference host Britain said 77 countries had pledged to phase out coal, dirtiest of the [fossil](https://www.financedigest.com/new-cop28-draft-deal-stops-short-of-fossil-fuel-phase-out.html) fuels that drive global warming, as a [study showed the carbon dioxide they release](https://www.financedigest.com/national-cinemedia-releases-first-cinema-attention-measurement-study-conducted-by-lumen-in-collaboration-with-dentsu.html "National CineMedia releases first cinema attention measurement study, conducted by Lumen in collaboration with dentsu") into the atmosphere had rebounded to near pre-pandemic levels.

We were expecting to see some rebound,” said the study’s lead author Pierre Friedlingstein, a [climate modelling researcher](https://www.financedigest.com/deloitte-research-reveals-inaction-on-climate-change-could-cost-the-worlds-economy-us178-trillion-by-2070.html "Deloitte research reveals inaction on climate change could cost the world’s economy US8 trillion by 2070") at the University of Exeter. “What surprised us was the intensity and rapidity of the rebound.”

Alok Sharma, British president of the COP26 conference https://www.reuters.com/business/cop in Glasgow, said the two-week meeting was on its [way to gradually ending](https://www.financedigest.com/5-common-ways-people-end-up-in-debt-without-realising.html "5 Common Ways People End Up In Debt Without Realising") use of the world’s most widely used fuel – for which demand is set to hit a new record this year.

He said on Thursday 77 countries had signed a pledge https://www.reuters.com/business/cop/cop26-coal-deals-take-aim-dirtiest-fossil-fuel-2021-11-03 to phase out coal-fuelled [power plants – which produce more than 35% of the world’s electricity – and stop building](https://www.financedigest.com/public-power-corp-rwe-to-build-five-solar-farms-in-greece.html "Public Power Corp, RWE to build five solar farms in Greece") new ones.

Today I think we can say that the [end of coal is in sight,”](https://www.financedigest.com/some-in-shanghai-allowed-out-to-shop-end-of-covid-lockdown-in-sight.html "Some in Shanghai allowed out to shop; end of COVID lockdown in sight") Sharma told the conference.

But the list published on Thursday left out both India and China, which is home to almost half the over 2,600 [coal-fired plants](https://www.financedigest.com/germanys-uniper-to-restart-coal-fired-power-plant-as-gazprom-halts-supply-to-europe.html "Germany’s Uniper to restart coal-fired power plant as Gazprom halts supply to Europe") operating or under construction around the world.

It also contains no commitment to stop financing new plants.

Many developing countries, not least China, India and Indonesia, rely on cheap, accessible coal https://www.reuters.com/business/energy/cop26-aims-banish-coal-asia-is-building-hundreds-power-plants-burn-it-2021-10-29 and other [fossil](https://www.financedigest.com/new-cop28-draft-deal-stops-short-of-fossil-fuel-phase-out.html) fuels to grow, [despite their costs](https://www.financedigest.com/suedzucker-quarterly-profits-surge-73-5-despite-cost-rise.html "Suedzucker quarterly profits surge 73.5% despite cost rise") https://www.reuters.com/business/cop/cost-coal-south-africa-dirty-skies-sick-kids-2021-11-04 to the environment and health.

Britain had said on Wednesday it expected 190 nations and organisations to sign the non-binding pledge, in which richer countries would phase out [coal power](https://www.financedigest.com/back-to-black-germanys-coal-power-plan-hits-hurdles.html "Back to black? Germany’s coal power plan hits hurdles") before 2040, and poorer countries before 2050.

[FUNDING NEEDED](https://www.financedigest.com/fintechs-and-funding-who-needs-who.html "FinTechs and Funding: Who Needs Who?")

Poorer countries say they need financial help to end their reliance on coal – and richer countries have failed to meet a promise of providing $100 billion a [year in “climate finance”](https://www.financedigest.com/hong-kong-finance-official-to-make-first-visit-to-britain-in-three-years.html "Hong Kong finance official to make first visit to Britain in three years") https://www.reuters.com/business/environment/climate-finance-could-make-or-break-cop26-summit-heres-why-2021-11-01 by 2020.

We need to have funding to [retire coal earlier and to build](https://www.financedigest.com/building-a-portfolio-for-retirement.html "Building A Portfolio For Retirement") the new capacity of renewable energy,” said Sri Mulyani Indrawati, finance minister of Indonesia, which is the world’s biggest coal exporter and relies on coal for 65% of its energy.

Initiatives to [provide financial](https://www.financedigest.com/mazars-to-acquire-financial-modelling-consultancy-and-training-provider-corality-financial-group.html "Mazars to acquire financial modelling consultancy and training provider, Corality Financial Group") help are appearing, however.

The Climate Investment Funds (CIF), backed by some of the [world’s biggest economies](https://www.financedigest.com/biggest-economy-in-the-world.html "Biggest Economy in the World"), said India, Indonesia and the Philippines would benefit from a multibillion dollar pilot programme to speed their transition from coal to clean energy. [South Africa](https://www.financedigest.com/ancs-failed-foreign-policy-hurting-south-africa.html "ANC’s failed foreign policy hurting South Africa") was unveiled on Tuesday as the first recipient, with an $8.5 billion partnership.

The International Energy Agency, the world’s energy watchdog, says that to achieve the U.N. goal of ‘net zero’ emissions by 2050, no new fossil fuel plants should be approved after 2021 – a goal that the [coal pledge](https://www.financedigest.com/citi-pledges-to-cut-emissions-for-more-sectors-including-coal.html "Citi pledges to cut emissions for more sectors including coal") is sure to miss.

The main aim of COP26 is to get promises of enough cuts in greenhouse gas [emissions to put the world on a clear path towards capping the rise in global](https://www.financedigest.com/global-energy-related-co2-emissions-edged-up-to-record-high-in-2022-iea.html "Global energy-related CO2 emissions edged up to record high in 2022 – IEA") temperature – already up 1.1C since pre-industrial times.

EMISSIONS REBOUND

In 2020, [carbon dioxide emissions](https://www.financedigest.com/playground-xyz-study-finds-carbon-emissions-from-digital-ads-fall-by-63-on-average-when-measured-and-optimized-for-attention-time.html "Playground xyz study finds carbon emissions from digital ads fall by 63% on average when measured and optimized for attention time") actually fell by 5.4% as economies ground to a halt because of the coronavirus pandemic. But the new report, produced by the [Global Carbon Project](https://www.financedigest.com/global-frozen-pizza-market-value-projected-to-reach-us-32-89-bn-by-2031.html "Global Frozen Pizza Market value projected to reach US$ 32.89 Bn by 2031"), forecasts they will rebound by 4.9% this year.

The United Nations [says a rise above 1.5C would tip the Earth into potentially irreversible climate](https://www.financedigest.com/live-up-to-your-climate-promises-uk-pm-will-say.html "“Live up to your climate promises,” UK PM will say") effects that would dwarf the intensifying storms, heatwaves, droughts and floods that it is already experiencing.

The U.N. Environment Programme on Thursday said poorer countries [needed five to 10 times more money to adapt to the consequences of climate](https://www.financedigest.com/analysis-global-climate-coalitions-need-safer-harbour-from-antitrust-turbulence.html "Analysis-Global climate coalitions need safer harbour from antitrust turbulence") change – for instance by building dykes against flooding or restoring coral reefs to absorb ocean waves – than they are currently receiving.

At least 20 countries plan to commit at the summit to stop [public financing for fossil fuel projects abroad by the end of next year](https://www.financedigest.com/2019-year-must-re-build-public-trust-finance.html "2019 is the year we must re-build public trust in finance"), according to two people familiar with the talks.

[Financial institutions](https://www.financedigest.com/what-financial-institutions-will-be-like-in-10-years.html "What Financial Institutions Will Be Like In 10 Years") are expected to step up by announcing mechanisms to help countries quit coal.

More countries may also join the Beyond Oil and Gas Alliance, led by Denmark and [Costa Rica](https://www.financedigest.com/amazon-to-lay-off-staff-in-u-s-canada-and-costa-rica-by-end-of-day.html "Amazon to lay off staff in U.S., Canada and Costa Rica by end of day") and due for launch next week, by pledging to end fossil fuel production within their own borders.

There was a reality check, however, for one of the most eye-catching announcements of the conference – a pledge by more than 100 [world leaders](https://www.financedigest.com/world-leaders-to-attend-queen-elizabeths-funeral.html "World leaders to attend Queen Elizabeth’s funeral") to halt and reverse deforestation and land degradation by the end of the decade.

Indonesia, home to huge tropical rainforests, said Monday’s agreement was at odds with its own development plans.

In 2019 alone, an area of Indonesian forest and other land half the size of Belgium was burned for [palm oil](https://www.financedigest.com/watchdogs-new-chief-says-high-prices-can-support-greener-palm-oil.html "Watchdog’s new chief says high prices can support greener palm oil") plantations.

“Forcing Indonesia to zero deforestation in 2030 is clearly inappropriate and unfair,” Environment Minister Siti Nurbaya Bakar, who attended the summit, said in a tweet.

(Additional reporting by Katy Daigle, William James, Andrea Januta, Noah Browning, Fathin Ungku, Stanley Widianto; Writing by Kevin Liffey; Editing by Janet Lawrence and Philippa Fletcher)


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