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G20 leaders vow to end finance for ‘unabated’ coal plants abroad by year-end

G20 leaders vow to end finance for 'unabated' coal plants abroad by year-end

The world’s most advanced nations will stop financing “unabated” coal plants abroad by year’s end, G20 leaders wrote in a draft statement Sunday seen by news agency AFP. The G20 will “put an end to the provision of international public finance for new unabated coal power generation abroad by the end of 2021,” said the draft, referring to fossil fuels whose emissions have not gone through any filtering process

Leaders of the world’s biggest economies made a compromised commitment on Sunday to reach carbon neutrality “by or around mid-century” as they wrapped up a two-day summit that was laying the groundwork for the UN climate conference in Glasgow, Scotland.

According to the final communique, the Group of 20 leaders also agreed to end public financing for coal-fired power generation abroad but set no target for phasing out coal domestically — a clear nod to top carbon polluters China and India.

The Group of 20 countries, which represent more than three-quarters of the world’s greenhouse gas emissions, had been looking for common ground and solid commitments on how to reduce emissions while helping poor countries deal with the impact of rising temperatures.

Without them, momentum could be lost for the larger annual talks in Glasgow that officially opened Sunday and where countries from around the globe will be represented, including poor ones most vulnerable to rising seas, desertification and other effects.

(With inputs from agencies)

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