A historic moment at #COP26 #Energyday: 20 countries incl. #UK #US #Canada agree to end international direct public finance in ALL unabated #FossilFuels by 2022, shift the billions to #cleanenergy. Why this is such a big deal and what must happen next? 1/8 
This year has seen countries put an end to international #coal finance - #G7, #China at #UNGA, #G20. This is the FIRST time in history developing and developed countries alike acknowledge the socio-economic and climate risks of #oil and #gas public finance. 2/8
1/2 of signatories are developing countries, LDCs: a strong political signal to energy financiers that the argument "developing countries need more #oil & #gas finance for economic growth" is a constructed reality not aligned with real needs of these countries or the 1.5 goal 3/8
To turn this political commitment in a global action to align international public energy finance with the 1.5C development pathways, the signatories have some work to do, starting with finding a common language and spelling out what "unabated" ff mean. 4/8
Second, the "limited circumstances" within which such finance may still be allowed must be determined in the most ambitious way possible, so that the remaining O&G finance does no significant harm to the goals of #sustainabledevelopment and the 1.5C goal 5/8
Third, economies dependent on #FossilFuels production & exports must be assuredthat this agreement doesn’t mean their rapid economic collapse. #Solidarity offers helping those already locked in fossil fuel investment must be developed to secure sustainable ways to diversify. 6/8
Finally, the diplomatic effort must continue beyond #COP26, to get further EMDE countries, but most importantly major #FossilFuels financiers on board - #Japan, #China, #Germany, #Italy, @WBG_Energy, @ADB_HQ and other MDBs must become part of this effort 7/8
#Canada, until now Nr. 1 source of international public finance for fossil fuels within #G20, came on board! There's no way others can't follow 8/8
For more details the @e3g's reaction to the Statement e3g.org/news/over-20-c…
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