Britain, which is co-hosting the virtual summit ahead of climate negotiations in Glasgow next year, has faced accusations of hypocrisy from campaigners for continuing to finance climate-warming oil and natural gas projects abroad. Britain would be the first major economy to commit to ending public finance for overseas fossil fuel projects. "This policy shift sets a new gold standard for what serious climate action looks like," said Louise Burrows, policy adviser with consultancy E3G. Johnson had faced particular criticism from campaigners for UKEF's role in backing French major Total's planned $20 billion liquefied natural gas project in Mozambique. The government said the new policy would come into effect "as soon as possible" and would mean no further state support for oil, natural gas or coal projects overseas, including via development aid, export finance and trade promotion.

Source: bd News24 December 11, 2020 22:30 UTC