Development Banks Make Landmark Climate Pledge, But No Fossil Fuel Phase Out {Development Banks Make Landmark Climate Pledge, But No Fossil Fuel Phase Out} – English

Development Banks Make Landmark Climate Pledge, But No Fossil Fuel Phase Out {Development Banks Make Landmark Climate Pledge, But No Fossil Fuel Phase Out} – English

The post Development Banks Make Landmark Climate Pledge, But No Fossil Fuel Phase Out appeared first on Wealth-X.

The world’s public development banks on Wednesday pledged to align their financial firepower with the Paris Agreement on climate change, but avoided a firm commitment to phase out fossil fuel financing.

As a source of funding for many large infrastructure projects, including in the energy sector, public development institutions are key to efforts to steer finance away from fossil fuels and into low-carbon projects.

Together, such institutions invest around $2.3 trillion each year – equivalent to 10% of all global investments from public and private sources.

Read the full story on Reuters here.

The post Development Banks Make Landmark Climate Pledge, But No Fossil Fuel Phase Out appeared first on Wealth-X.

Leave a Reply

Your email address will not be published. Required fields are marked *